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) Dope weed LLC started the year with a normal balance of $73,000 in the Invento

ID: 2543012 • Letter: #

Question

) Dope weed LLC started the year with a normal balance of $73,000 in the Inventory account During the year, debits totaling $47,500 and credits totaling $60,000 were posted to the Inventory account. Which of the following statements about the Inventory account is correct? The debits and credits posted to the Inventory account caused it to decrease by $12.500. The debits and credits posted to the Inventory account caused it to increase by $12.500. The debits and credits posted to the Inventory account caused it to decrease by $24500 The debits and credits posted to the Inventory account caused it to increase by $24,500.

Explanation / Answer

Solution: The debits and credits to the inventory account caused it to decrease by $12,500

Working:

Credit 60,000 - Debit 47,500 = 12,500

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