[The following Information applies to the questions displayed below.] Powell Company began the Year 2 accounting perlod with $18,900 cash, $60,500 Inventory, $49,400 common stock, and $30,000 retalned earnings. Durlng Year 2 , Powell experlenced the following events: 1. Sold merchandise that cost $38,000 for $76,100 on account to Prentise Furniture Store. 2. Dellvered the goods to Prentise under terms FOB destination. Freight costs were $320 cash. 3. Recelved returned goods from Prentlse. The goods cost Powell $1,950 and were sold to Prentise for $3,820. 4. Granted Prentise a \$1,120 allowance for damaged goods that Prentlse agreed to keep. 5. Collected partlal payment of $53,500 cash from accounts recelvable. xercise 4-16A (Algo) Part a equired Record the events in general journal format. (If no entry is requlred for a transaction/event, select "No journal entry requlred" In le flist account fleld.) Journal entry worksheet B C D E F G Sold merchandise for $76,100 on account to Prentise Furniture Store. Note: Enter debits before credits