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What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Is merchandise inventory an asset?
yes it an assetType your answer here...
How is merchandise inventory classified on the balance sheet?
As a current asset
Merchandise inventory is classified on the balance sheet as a?
Current Asset
Is inventory considered an asset?
Yes merchandise inventory is asset for business which company maintain for sale purpose and to earn revenue.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Is merchandise inventory an asset?
yes it an assetType your answer here...
How is merchandise inventory classified on the balance sheet?
As a current asset
Merchandise inventory is classified on the balance sheet as a?
Current Asset
How is merchandise inventory normally presented on a balance sheet?
it is an asset
Merchandise inventory is reported as a long-term asset on the balance sheet?
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Is merchandise inventory is a long-term asset on the balance sheet true or false?
False
Would A debit entry as an adjusting entry to Merchandise Inventory increase the balance?
Yes, a debit entry as an adjusting entry to Merchandise Inventory would increase the balance. In accounting, debiting an asset account like Merchandise Inventory reflects an increase in that asset. This adjustment is typically made to account for additional inventory that has been received or recognized, ensuring the financial records accurately reflect the current inventory levels.
Is it truth Merchandise inventory is classified as a current asset in a classified balance sheet?
Yes merchandise inventor is usable within one fiscal year that's why it is current asset and shown as a current asset in balance sheet.
What account is credited when you purchase merchandise on account?
When you purchase merchandise on account, the account credited is typically the Accounts Payable account. This reflects the company's obligation to pay the supplier for the merchandise received. Simultaneously, the Merchandise Inventory account is debited to increase the inventory asset.
