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Powell Company began the 2016 accounting period with $19,200 cash, $62,000 inventory, $49,200 common stock, and $32,000 retained earnings. During 2016, Powell experienced the following events:

1.	Sold merchandise costing $38,000 for $74,800 on account to Prentise Furniture Store.
2.	Delivered the goods to Prentise under terms FOB destination. Freight costs were $315 cash.
3.	Received returned goods from Prentise. The goods cost Powell $1,960 and were sold to Prentise for $3,990.
4.	Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep.
5.	Collected partial payment of $53,900 cash from accounts receivable.

Required a. Rec nal entry required" in the first account Elld is required for a transaction/event, select View transaction list value 2.00 points Journal entry worksheet 3 4. 5 6 7 Exercise 4-16A Part d . Why would Prentise agree to keep the damaged goods? (Select all that apply.) Sold merchandise for $74,800 on account to Prentise Furniture Store. Get goods at reduced cost. Can resell the damaged goods Note: Enter debits before credits. Repair the damaged goods. Retain the damaged goods. Date General Journal Debit Credit 1a View general journal Record entry Clear entry 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