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Required information [The following information applies to the questions displayed below.) Powell Company began the...

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Accounting

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Required information [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $18.200 cash, $60,200 inventory $49,900 common stock and $28,500 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $36,700 for $76,200 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination Freight costs were $315 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,960 and were sold to Prentise for $3,890. 4 Granted Prentise a $1.080 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $52,100 cash from accounts receivable. ook Required a. Record the events in general Journal format. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet 2 5 Sold merchandise for 576,200 on account to Prentise Furniture Store

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