Powell Company began the Year 2 accounting period with $20,000 cash, $60,400 inventory, $48,600 common stock, and $31,800 retained earnings. During Year 2, Powell experienced the following events: Sold merchandise that cost $37,900 for $74,600 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $310 cash. Received returned goods from Prentise. The goods cost Powell $1,910 and were sold to Prentise for $3,880. Granted Prentise a $1,160 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $53,300 cash from accounts receivable. Required a. Record the events in general journal format.