Required information PA$6-1$ Reporting Purchase Transactions between Wholesale and Retail Merchandisers Using Perpetual Inventory Systems $[$LO $6-3][$The following information applies to the questions displayed below.$]$ 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' Comer are made with term$$n$/30,$ and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August $31.$ a$.$ New Books sold merchandise to Readers' Corner at a selling price of $\backslash (\backslash$$ $550,000\backslash ).$ The merchandise had cost New Books $\backslash (\backslash$$ $415,000\backslash ).$ b$.$ Two days later, Readers' Corner complained to New Books that some of the merchandise differed from what Readers' Corner had ordered. New Books agreed to give an allowance of $\backslash (\backslash$$ $10,000\backslash )$ to Readers' Corner. Readers' Corner also returned some books, which had cost New Books $\backslash (\backslash$$ $2,000\backslash )$ and had been sold to Readers' Corner for $\backslash (\backslash$$ $3,500\backslash ).$ c$.$ Just three days later, Readers' Corner paid New Books, which settled all amounts owed. PA$6-1$ Part $2$ 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.$)/$r$/$n 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.$)/$r$/$n 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.$)$ Journal entry worksheet Record the return of unsatisfactory merchandise for which credit was given. Note: Enter debits before credits. $/$r$/$n 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.$)$ Journal entry worksheet Note: Enter debits before credits.