Multiple Choice
A company started the year with a normal balance of $136,000 in the Inventory account.During the year,debits totaling $90,000 and credits totaling $110,000 were posted to the Inventory account.Which of the following statements about the Inventory account is correct?
A) The normal balance of the Inventory account is a credit balance.
B) After these amounts are posted,the balance in the Inventory account is a credit balance of $116,000.
C) The Inventory account is decreased by debits.
D) The debits and credits posted to the Inventory account caused it to decrease by $20,000.
Correct Answer:
Verified
Correct Answer:
Verified
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