The transactions listed below are typical of those involving New Books Incorporated 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 $31.$

New Books sold merchandise to Readers$$ Corner at a selling price of $$630,000.$ The merchandise had cost New Books $$447,000.$

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 $$11,500$ to Readers$$ Corner. Readers$$ Corner also returned some books, which had cost New Books $$3,600$ and had been sold to Readers$$ Corner for $$5,100.$ No further returns are expected.

Just three days later, Readers$$ Corner paid New Books, which settled all amounts owed.

Prepare the journal entries that Readers$$ Corner would record.