The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner Is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual Inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31. a New Books sold merchandise to Readers' Corner at a selling price of $590,000. The merchandise had cost New Books $431,000. b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $14,000 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,800 and had been sold to Readers' Corner for $4,300. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. epare the Journal entries to record New Books transactions. (if no entry is required for a transaction/event, select "No Journa try Required" in the first account field.) ew transaction list Journal entry worksheet