Powell Company began the Year 2 accounting period with $20,000 cash, $60,100 inventory, $48,500 common stock, and $31,600 retained earning5. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $36,800 for $75,100 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $380cash. 3. Recelved returned goods from Prentise. The goods cost Powell $1,960 and were sold to Prentise for $3,820. 4. Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep. 5. Collected partial payment of $53,700 cash from accounts receivable. Exercise 4-16A (Algo) Part a 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.) A Sold merchandise for $75,100 on account to Prentise Furniture Store. B Record the Cost of goods sold of $36,800 on sale. c Delivered the goods to Prentise under terms FOB destination. Freight costs were $380 cash. D Received returned goods from Prentise, which were sold to Prentise for $3,820. E Record the Cost of $1,960 on goods returned. F Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep. Note : = journal entry has been entered