Powell Company began the 2016 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During 2016, Powell experienced the following events:

1.	Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store.
2.	Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash.
3.	Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900.
4.	Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep.
5.	Collected partial payment of $81,000 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 Journal entry worksheet 4 6 Sold merchandise for $99,500 on account to Prentise Furniture Store. Note: Enter debits before credits. Date 1a. General Journal Debit Credit Record entry Clear entry View general journal