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

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Accounting

image Required information [The following information applies to the questions displayed below.] Powell Company began the Year 2 accounting period with $18,700 cash, $60,500 inventory, $49,600 common stock, and $29,600 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $38,000 for $75,300 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $310 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and were sold to Prentise for $3,990. 4. Granted Prentise a $1,100 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $52,900 cash from accounts receivable. equired Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in e first account field.) Journal entry worksheet B C D E FG Sold merchandise for $75,300 on account to Prentise Furniture Store. Note: Enter debits before credits

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