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Can you please record all of the 5 in the answer. Required information (The following information applies to the questions displayed below. Powell Company began
Can you please record all of the 5 in the answer.
Required information (The following information applies to the questions displayed below. Powell Company began the Year 2 accounting period with $18,600 cash, $61,100 inventory, $49,300 common stock, and $30,400 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $37,100 for $76,300 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $395 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,970 and were sold to Prentise for $3,820. 4. Granted Prentise a $1,080 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $52,500 cash from accounts receivable. Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Event General Journal Debit Credit A 1a. No Transaction RecordedStep by Step Solution
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