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 $$550,000.$ The merchandise had cost New Books $$415,000.$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 $$10,000$ to Readers Corner. Readers Corner also returned some books, which had cost New Books $$2,000$ and had been sold to Readers Corner for $$3,500.$Just three days later, Readers Corner paid New Books, which settled all amounts owed.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.$)$