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 b. Post the beginning balances and the journal entries to the T-accounts. Beg. Bal. End. Bal. Cash Accounts Receivable Beg. Bal. End. Bal. Inventory Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Sales Revenue 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