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. a. New Books sold merchandise to Readers Corner at a selling price of $560.000. The merchandise had cost New Books $419.000 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 $11,000 to Readers' Corner. Readers' Comer also returned some books, which had cost New Books $2.200 and had been sold to Readers' Corner for $3,700. c. Just three days later. Readers' Corner paid New Books, which settled all amounts owed. 2 Prepare the Journal entries New Books would record. (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 Debit Credit Transaction a(1) 1 560,000 Accounts Receivable Sales Revenue olo 560.000 2 a(2) 419,000 Cost of Goods Sold Inventory >> 419,000 3 b(1) Sales Returns and Allowances Accounts Receivable SIS 11,000 11,000 4 (2) 11,000 Inventory Cost of Goods Sold SIS 11,000 5 Discount on Bonds Payable X 11,200