The student pilot reported that while landing, the airplane bounced twice and he elected to abort the landing and applied full engine power. The flight instructor reported that as full engine power was restored insufficient rudder was applied and the airplane drifted left of the runway. Taking over the airplane's controls, the flight instructor initiated a left bank in an attempt to avoid hitting the airport windsock. While banking, the left wing tip impacted the ground followed by the airplane's fuselage. The airplane's fuselage and both wings sustained structural damage during the accident. There was no reported mechanical failure or malfunction with the airplane's flight controls or engine.