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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.
Merchandise inventory has a normal debit balance?
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.
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.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
Merchandise inventory is classified on the balance sheet as a?
Current Asset
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
Merchandise inventory has a normal debit balance?
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.
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.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
Merchandise inventory is classified on the balance sheet as a?
Current Asset
How is merchandise inventory classified on the balance sheet?
As a current asset
How is merchandise inventory normally presented on a balance sheet?
it is an asset
Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
What is the nature of merchandise inventory?
Merchandise inventory refers to the goods that a company holds for sale in its normal business operations. It includes all items purchased for resale, such as finished products, raw materials, and components. This inventory is classified as a current asset on the balance sheet, as it is expected to be sold within a year. Effective management of merchandise inventory is crucial for maintaining liquidity and meeting customer demand.
Does inventory normally have a credit balance?
No, inventory is an assets, which normal balance is a debit.
Which of the following accounts has a normal credit balance.. a. Merchandise Inventory b. Delivery Expense c. Sales Returns and Allowances d. Sales?
d. sales
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
