In a worksheet for a merchandising company Inventory would appear in the
A) trial balance and adjusted trial balance columns only.
B) trial balance and balance sheet columns only.
C) trial balance adjusted trial balance and balance sheet columns.
D) trial balance adjusted trial balance and income statement columns.

Question

Quizplus · Accepted Answer

Inventory is an asset and would appear in the trial balance (as it is part of the initial accounting records), the adjusted trial balance (after adjusting entries are made), and the balance sheet (as it is reported as a current asset there). It does not appear in the income statement, which reports revenues and expenses.

In a Worksheet for a Merchandising Company Inventory Would Appear