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Question
Corbit Corp. sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590. The journal entries for this transaction under the perpetual inventory system would be
a. Cash 10,000
Merchandise Inventory 10,000
Cost of Merchandise Sold 7,590
Sales 7,590
b. Cash 10,000
Sales 10,000
Cost of Merchandise Sold 7,590
Merchandise Inventory 7,590
c. Cash 10,000
Sales 10,000
Cost of Merchandise Sold 10,000
Merchandise Inventory 10,000
d. Cash 7,590
Sales 7,590
Cost of Merchandise Sold 7,590
Merchandise Inventory 7,590
Answer
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