The following Information applies to the questions displayed below. Powell Company began the 2016 accounting perlod with $19,600 cash, $61.200 Inventory, $49,000 common stock, and $31.800 retained earnings. During 2016, Powell experienced the following events: 1. Sold merchandise costing $37.400 for $74.900 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Frelght costs were $385 cash 3. Recelved returned goods from Prentise. The goods cost Powell $1.980 and were sold to Prentise for $3,890 4. Granted Prentise a $1.030 allowance for damaged goods that Prentise agreed to keep 5. Collected partial payment of $52.400 cash from accounts recevable. 5. value: 1.25 points 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Accounts receivable 749,000 Merchandise inventory 74,900 1b Cost of goods sold 37,400 Merchandise inventory 37,400