The balance in the Merchandise Inventory account at December 31,2013 is:

Question

Quizplus · Accepted Answer

The question provides no information about the purchases or sales made during the period, so we can't determine the answer using this information. Instead, we need to look at the additional information provided in the table. At the beginning of the year, the Merchandise Inventory account had a balance of $500. During the year, $7,150 of merchandise was purchased, and $7,850 of merchandise was sold. Therefore, at the end of the year, the account balance would be:

Beginning balance + Purchases - Sales = Ending balance
$500 + $7,150 - $7,850 = $800

Therefore, the answer is C) $800.

The Balance in the Merchandise Inventory Account at December 31,2013