Reference no: EM132763279

Problem 1: You have entered a Purchase Order in QuickBooks for $1,000 to purchase inventory. Which of the following accounts are affected?

a. Inventory Account in increased by $1,000 and Chequing Account is decreased by $1,000
b. Inventory Account is decreased by $1,000 and Chequing Account is increased by $1,000
c. Inventory Expense is increased by $1,000 and Cost of Goods Sold Account is increased by $1,000
d. Inventory Expense is increased by $1,000 and Cost of Goods Sold Account is decreased by $1,000
e. None of the above