Required information The following information applies to the questions displayed below Powell Company began the Year 2 accounting period with $18,800 cash, $61,300 inventory, $48,600 common stock, and $31,500 retained earnings. During Year 2, Powell experienced the following events 1. Sold merchandise that cost $36,300 for $75,300 on account to Prentise 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were 3. Received returned goods from Prentise. The goods cost Powell $1,880 and were 4. Granted Prentise a $1,060 allowance for damaged goods that Prentise agreed to 5. Collected partial payment of $52,000 cash from accounts receivable. Furniture Store. $390 cash. sold to Prentise for $3,930. keep 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.)