Multiple Cholce Question

Complete the following statement. Merchandise inventory that is still available for sale is considered a$(n)\_$

$($balance sheet$/$income statement$)$ and merchandise that is sold during the period is considered a$(n$

sset$/$expense$/$revenue$)$ and is reported on the

$($balance sheet$/$income statement$).$

asset $$ balance sheet $$ expense $$ income statement

asset $$ income statement $$ expense $$ balance sheet

expense $$ balance sheet $$ asset $$ income statement

expense $$ income statement $$ asset $$ balance sheet