A client has recently decided to start tracking inventory in QuickBooks Online. Previously, when purchasing goods everything was coded to cost of sales. Now when goods are purchased, the item field on purchase transactions should be utilized. You've discovered they are still coding the purchases to cost of sales.

Which 3 effects will this have on the QuickBooks Online file?

(Select all that apply)

• The Accounts Payable account will report incorrect figures
• The Balance Sheet will report incorrect figures
• The Profit & Loss will report incorrect figures
• The vendor balance will report incorrect figures
• Inventory quantities will be incorrect, potentially creating negative inventory amounts