Riverside Software began January with $3,500 of merchandise inventory. During January, Riverside made the following entries for its inventory transactions:
|
Inventory |
6,000 |
|
|
Accounts Payable |
6,000 |
|
|
Accounts Receivable |
7,200 |
|
|
Sales Revenue |
7,200 |
|
|
Cost of Goods Sold |
5,500 |
|
|
Inventory |
5,500 |
How much was Riverside’s inventory at the end of January?
a. Zero
b. $4,000
c. $4,500
d. $5,000