1 - The journal entry a company uses to record the estimatedproduct warranty liability expense is

A. debit Product Warranty Expense; credit Product WarrantyPayable

B. debit Product Warranty Payable; credit Cash

C. debit Product Warranty Payable; credit Product WarrantyExpense

D. debit Product Warranty Expense; credit Cash

2-

Quick assets include

A. cash, cash equivalents, receivables, and inventory

B. cash, cash equivalents, receivables, prepaid expenses, andinventory

C. cash, cash equivalents, and receivables

D. cash, cash equivalents, receivables, and prepaid expenses

3 -

The charter of a corporation provides for the issuance of100,000 shares of common stock. Assume that 40,000 shares wereoriginally issued and 10,000 were subsequently reacquired. What isthe number of shares outstanding?

A. 50,000

B. 10,000

C. 30,000

D. 40,000