Use the information given above to answer the following questions:
Greening Ltd is a newly established business selling computer hardware. Shown below are ledger accounts in T-account form, with entries made for the first month of operations.

-What is the closing balance of inventory?
A) $120 000
B) $140 000
C) $200 000
D) $260 000.

Question

Use the information given above to answer the following questions:
Greening Ltd is a newly established business selling computer hardware. Shown below are ledger accounts in T-account form, with entries made for the first month of operations.

-What is the closing balance of inventory?
A) $120 000 
B) $140 000 
C) $200 000 
D) $260 000.

Quizplus · Accepted Answer

The closing balance of inventory is $120,000. This is because the beginning balance of inventory was $100,000, and $20,000 of inventory was purchased during the period.

Use the Information Given Above to Answer the Following Questions