Opening Balances for Inventory Items that were added without preparing a purchase order or bill are entered into________ .
A)Opening Balance Equity
B)Inventory Assets
C)Your Name, Investment
D)Both A and B

Question

Quizplus · Accepted Answer

Opening balances for inventory items that are added without a purchase order or bill are typically entered into the Opening Balance Equity account to adjust the starting point of the company's equity and into the Inventory Assets account to reflect the value of the inventory in the company's assets.

Opening Balances for Inventory Items That Were Added Without Preparing