Required information \begin{tabular}{|l|l|l|l|} \hline Beg. Bal. & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal. & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal. & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. Bal. & & & \\ \hline & & & \\ \hline & & & \\ \hline End. Bal. & & & \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below] Powell Company began the Year 2 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 2 , Powell experienced the following events: 1. Sold merchandise that cost $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. Journal entry worksheet A B C Record the Cost of $4,000 on goods returned. Note: Enter debits before credits. Required information Prepare a multistep income statement. Prepare a balance sheet. b. Post the beginning balances and the journal entries to the T-accounts. Journal entry worksheet G Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Note: Enter debits before credits. Journal entry worksheet Received returned goods from Prentise, which were sold to Prentise for $5,900. Note: Enter debits before credits. Journal entry worksheet Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Note: Enter debits before credits. Journal entry worksheet A B C D E Collected partial payment of $81,000 cash from accounts receivable. Note: Enter debits before credits. Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) Journal entry worksheet Record the Cost of goods sold of $58,000 on sale. Note: Enter debits before credits. Journal entry worksheet F G Sold merchandise for $99,500 on account to Prentise Furniture Store. Note: Enter debits before credits