10,000 20 10.000 Corbit Corp. sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590) The journal entries to record this transaction under the perpetual inventory system would be 7.590 7,590 10.000 Merchandise Inventory Cost of Merchandise Sold Sales Cash Sales Cost of Merchandise Sold Merchandise Inventory 10,000 b. 7,590 7,590 10,000 c. 10,000 Cash Sales Cost of Merchandise Sold Merchandise Inventory 10,000 10,000 7,590 d. 7,590 Cash Sales Cost of Merchandise Sold Merchandise Inventory 7,590 7,590 21. Unearned fees appear on the a. balance sheet in the current assets section b. balance sheet as a current liability c. balance sheet in the owner's equity section d. income statement as revenue 22. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section C. balance sheet in the long-term liabilities section d. income statement as an operating expense 23. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity 24. Which of the following is not an asset? a. investments b. cash c. inventory d. owner's equity