Multiple choice 5. Merchandise inventory is classified on the balance sheet as aCurrent Liabilitya.b. Current AssetLong-Term Assetd. Long-Term LiabilityC.OB6. Which account is not classified as a selling expense?toa.Sales Salariesb. Transportation-OutedC.Sales Discountsd. Advertising Expensere

Answered: 5. Merchandise inventory is classified…

5. Merchandise inventory is classified on the balance sheet as a a. Current Liability b. Current Asset c. Long-Term Asset d. Long-Term Liability

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1MC: Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...

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Question

Multiple choice

5. Merchandise inventory is classified on the balance sheet as a
Current Liability
a.
b. Current Asset
Long-Term Asset
d. Long-Term Liability
C.
OB
6. Which account is not classified as a selling expense?
to
a.
Sales Salaries
b. Transportation-Out
ed
C.
Sales Discounts
d. Advertising Expense
re

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