Financial Accounting Fundamentals | Online Course Support

College Computers purchases $15,000 worth of tablet devices they hope to resell to students, faculty, and staff. In which of the following Balance Sheet accounts should College Computers record the tablet devices purchased?

 
 
 
 
 
 

Correct answer. The inventory is now owned/controlled by the company and is expected to provide future economic benefits, so the inventory purchased should be recorded in an Asset account.

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