The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is:
A)the Cost of Goods Sold.
B)net purchases.
C)the ending inventory.
D)the beginning inventory.

Question

Quizplus · Accepted Answer

The balance sheet debit column of the worksheet for Merchandise Inventory represents the ending inventory. This is the amount of inventory that is left at the end of the accounting period and is reported on the balance sheet as a current asset. It is not the Cost of Goods Sold, net purchases, or beginning inventory.

The Amount Shown in the Balance Sheet Debit Column of Worksheet