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financial statements Perpetual system LO The following Information applies to the questions displayed below Powell...

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financial statements Perpetual system LO The following Information applies to the questions displayed below Powell Company began the Year 2 accounting period with 19 100 cash 61 400 Inventory 48 000 common stock and 32 500 retained earnings During Year 2 Powell experienced the following events 1 Sold merchandise that cost 38 000 for 75 700 on account to Prentice Furniture Store 2 Delivered the goods to Prentise under terms FOB destination Freight costs were 365 cash 3 Received returned goods from Prentice The goods cost Powell 1 930 and were sold to Prentise for 3 990 4 Granted Prentise a 160 allowance for damaged goods that Prentise agreed to keep 5 Collected partial payment of 53 000 cash from accounts receivable Exercise 4 16A Algo Part a Required Record the events in general Joumal format If no entry is required for a transaction event select No journal entry require The first account field Vww traction w Journal entry worksheet A B C D Note Enter debits tefore credits Event 14 E F Sold merchandise for 75 700 on account to Prentise Furniture Store Deneral Journal G Debit Creat

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