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Merchandise Inventory is an asset account, so the normal balance is Debit.
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
Merchandise Inventory is an asset account that shows up on the balance sheet.
debit
Current Asset
Merchandise Inventory is an asset account, so the normal balance is Debit.
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
Merchandise Inventory is an asset account that shows up on the balance sheet.
debit
Current Asset
it is an asset
As a current asset
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
7
Closing merchandise inventory belongs on both the income statement and the balance sheet. On the income statement, it is included under Cost of Goods Sold; on the balance sheet it is categorised under Current Assets.
False
Mechandise inventory is a current asset which is used in manufacturing of units of products or resale purpose that's why it is asset of business and has debit balance as normal balance.