A company started the year with a normal balance of $74,000 in the Inventory account During the

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A company started the year with a normal balance of $74,000 in the Inventory account During the year, debits totaling $48,000 and credits totaling $61,000 were posted to the Inventory account.

Which of the following statements about the Inventory account is correct.

After these amounts are posted, the balance in the Inventory account is a credit balance of $61,000

The normal balance of the Inventory account is a credit balance

The Inventory account is decreased by debits

The debits and credits posted to the inventory account caused it to decrease.

Related Book For answer-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1133161646

7th Edition

Authors: Gary A. Porter, Curtis L. Norton

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Posted Date: Jan 16, 2021 06:36 AM

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A company started the year with a normal balance of $74,000 in the Inventory account During the

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Using Financial Accounting Information The Alternative to Debits and Credits

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