Powell company began the 2016 accounting period with $19,100 cash, $60,800 inventory, $48,800 common stock, and $31,100 retained earnings. during 2016, powell experienced the following events: 1. sold merchandise costing $36,200 for $76,000 on account to prentise furniture store. 2. delivered the goods to prentise under terms fob destination. freight costs were $365 cash. 3. received returned goods from prentise. the goods cost powell $1,940 and were sold to prentise for $3,960. 4. granted prentise a $1,100 allowance for damaged goods that prentise agreed to keep. 5. collected partial payment of $52,500 cash from accounts receivable. requireda. record the events in general journal format. 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 general journal journal entry worksheet 1 2 3 4 5 6 sold merchandise for $76,000 on account to prentise furniture store. general journal debit credit date 1a. *enter debits before credits done clear entry record entryb. open general ledger t-accounts with the appropriate beginning balances and post the journal entries to the t-accounts. c. prepare an income statement, balance sheet, and statement of cash flows. d. why would prentise agree to keep the damaged goods?