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 a. Cash 10,000 Sales 10,000 7,590 Cost of Merchandise Sold Merchandise Inventory b. Cash Sales 7,590 7,590 7,590 7,590 Cost of Merchandise Sold Merchandise Inventory c. Cash Sales 7,590 10,000 10,000 10,000 10,000 10,000 Cost of Merchandise Sold Merchandise Inventory d. Cash Merchandise Inventory Cost of Merchandise Sold Sales 10,000 7,590 7,590 The charter of a corporation provides for the issuance of 106,000 shares of common stock. Assume that 42,000 shares were originally issued and 5,900 were subsequently reacquired. What is the number of shares outstanding? a. 42,000 b. 47,900 c. 5,900 d. 36,100 Allowance for Doubtful Accounts has a debit balance of $800 at the end of the year before adjustment), and bad debt expense is estimated at 2% of credit sales. If credit sales are $589,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts a. is $10,980 b. is $12,580 c. is $11,780 d. is $800