! 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. 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.) Journal entry worksheet 1 N 3 5 5 the 6 6 7 > Sold merchandise for $99,500 on account to Prentise Furniture Store. Note: Enter debits before credits. Date General Journal Debit Credit 1a. Record entry Clear entry View general journal