Merchandise inventory can be described as: (Check all that apply.) an asset account an account appearing on a balance sheet of a merchandiser an expense account. an account appearing on a balance sheet of a service company. products that a company owns and intends to sell. I an account increased with a debit. Complete the following statement. Merchandise inventory that is still available for sale is considered ain) (asset/expense/revenue) and is reported on the (balance sheet income statement) and merchandise that is sold during the period is considered on) (assetexpense/ liability and reported on the (balance sheet/income statement). O expense -> income statement asset > balance sheet O expense -> balance sheet asset -> Income statement O asset > balance sheet - expense -> Income statement O asset income statement expenses balance sheet