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. 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. Bol End Bal