Assume a company uses the periodic inventory system and has a beginning merchandise inventory balance of $5,000, purchases of $75,000, and sales of $125,000 . The company closes its records once a year on December 31 . In the accounting records, the merchandise inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was
a. indeterminate.
b. less than $5,000.
c. more than $5,000.
d. equal to $5,000.
A
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