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Powell Company began the Year 2 accounting period with $18,500 cash, $61,500 inventory, $48,900 common stock, and $31,100 retained earnings. During Year 2, Powell experienced the following events:

Sold merchandise that cost $36,700 for $75,100 on account to Prentise Furniture Store.

Delivered the goods to Prentise under terms FOB destination. Freight costs were $320 cash.

Received returned goods from Prentise. The goods cost Powell $1,810 and were sold to Prentise for $3,860.

Granted Prentise a $1,080 allowance for damaged goods that Prentise agreed to keep.

Collected partial payment of $52,500 cash from accounts receivable.

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.)

event 1

event 2. Record the Cost of goods sold of $36,700 on sale.

event 3. Delivered the goods to Prentise under terms FOB destination. Freight costs were $320 cash.

event 4. Received returned goods from Prentise, which were sold to Prentise for $3,860.

event 5. Record the Cost of $1,810 on goods returned.

event 6. Granted Prentise a $1,080 allowance for damaged goods that Prentise agreed to keep.

event 7. Collected partial payment of $52,500 cash from accounts receivable.

Journal entry worksheet 4 Sold merchandise for $75,100 on account to Prentise Furniture Store. Note: Enter debits before credits Date General Journal Debit Credit 1a. Record entry Clear entry View general journal