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 $570,000. The merchandise had cost New Books $423,000. 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 $12,000 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $2,400 and had been sold to Readers' Corner for $3,900. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. - Prepare the journal entries to record New Books transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No General Journal Credit Transaction a(1) Debit 570,000 Accounts Receivable Sales Revenue 570,000 2 (2) 423,000 Cost of Goods Sold Inventory 423,000 b(1) 15,900 Inventory Accounts Receivable 15,900 b12 No Journal Entry Required 554,100 Cash Accounts Receivable 554,100 Journal entry worksheet Record the cost of goods sold adjustment to inventory. Note: Enter debits before credits. Debit Transaction b(2) General Journal No Journal Entry Required Record entry Clear entry View general journal