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. b. Open general ledger T-accounts with the appropriate beginning balances and post the journal entries to the T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Merchandise Inventory Common Stock Beg. Bal Beg. Bal End. Bal End. Bal Retained Earnings Sales Revenue Beg. Bal Beg. Bal End. Bal End. Bal Cost of Goods Sold Transportation-out Beg. Bal Beg. Bal End. Bal End. Bal