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What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Normal balance for merchandise inventory?
debit
What is the Normal balance of cost of merchandise sold?
The normal balance of Cost of Merchandise Sold (COMS) is a debit balance. This is because COMS represents an expense associated with the goods that a company sells, and expenses typically carry a debit balance in accounting. When merchandise is sold, the cost is recorded as a debit to COMS and a credit to inventory.
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
Does inventory normally have a credit balance?
No, inventory is an assets, which normal balance is a debit.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Normal balance for merchandise inventory?
debit
What is the Normal balance of cost of merchandise sold?
The normal balance of Cost of Merchandise Sold (COMS) is a debit balance. This is because COMS represents an expense associated with the goods that a company sells, and expenses typically carry a debit balance in accounting. When merchandise is sold, the cost is recorded as a debit to COMS and a credit to inventory.
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
Does inventory normally have a credit balance?
No, inventory is an assets, which normal balance is a debit.
Is merchandise inventory is a credit or debit?
debit
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
Does inventory have a debit or credit balance?
Debit
How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
Does inventory have a credit or debit balance account?
Debit
Would work in process for deposits have a credit balance or debit balance?
Work in Process is considered an asset because it is inventory. Assets have a debit normal balance. adding materials to work in process is a debit to work in process.
