Inventory held by a business is an asset and when sold become an expense.
Fourth option is the correct option.
Inventory until sold, is an asset for the business since it has worth in it.
When inventory is sold, it produces revenue and the cost of inventory sold, becomes an expense of the business.
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Inventory held by a business is aan) _and when sold becomes a (an)__ O revenue, expense...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 85,100 124,400 435,100 118,800 7,800 64,500 90,000 593,100 6,600 56,700 5,400 1,880 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Revenue Cash Revenue Retained earnings Expense Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable # + Sales revenue...
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