Question 3.1 Which of the following accounts will be debited in the closing entry at the end of the year? O Rent Expense O Depreciation Expense O Fees Eamed O Uneamed Fees Question 3.2 When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry? o debit Merchandise Inventory, credit Purchases O debit Merchandise Inventory, credit Cash Discounts O debit Accounts Payable, credit Merchandise Inventory O debit Merchandise Inventory, credit Accounts Payable 4. Multiple Choice Question 4.1 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 2 po Question 4.1 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 7590 In the picture above, 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 either a, b, c or d