Please help correct with explainations.

[The following information applies to the questions displayed below] The transactions listed below are typical of those Involving New Books Incorporated and Readers' Corner. New Books is a wholesale merchandiser and Readers' Comer is a retail merchandiset. Assume all sales of merchandise from New Books to Readers' Comer are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transictions botween the two companies occurred in the order listed during the year ended August 31. a. New Books sold merchandise to Readers' Comer at a selling price of $610,000. The merchandise had cost New Books $439,000 b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Comer had ordered. New Books agreed to give an allowance of $9,500 to Readers' Cornec. Readers' Corner also returned some books, which had cost New Books $3,200 and had been sold to Readers' Corner for $4,700. No further returns are expected. c. Just three doys Later, Readers' Corner paid New Books, which settled all amounts owed. A. -1 (Algo) Part 2 2. Prepare the journal entries that Readers' Corner would record. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) [The following information applies to the questions displayed below.] 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 retall merchandiset. 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 $620,000. The merchandise had cost New Books $443,000 b. Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Comer had ordered. New Books agreed to give an allowance of $10,500 to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $3,400 and had been sold to Readers' Corner for $4,900. c. Just three days later, Readers' Corner paid New Books, which settled all amounts owed. PA6-2 (Algo) Part 1 Required: 1. For each of the events (a) through (c), indicate the amount and direction of the effect on New Books in terms of the following items. (Enter any decreases to account balances with a minus sign.) c. Just three days later, Readers' Comer paid New Books, which settled all amounts owed. PA6-2 (Algo) Part 2 2. Prepare the Journal entries New Books would record. (If no entry is required for a transaction/event, select "No Journal E Required" in the first account field.)