Question $1$ Question $2$

Consider the following:

June $30$ current year: Jesse created a new inventory item named

"Widget" with a cost of $$1$ per unit and a selling price of $$100$ each.

When creating the Widget item, a beginning quantity of $25$ was

mistakenly entered.

What is the effect on the General Ledger when Jesse saves the new

Widget item?

Debit Opening Balance Equity $$25,$ credit Inventory $$25$

No effect

Debit Inventory $$2,500,$ credit Inventory Shortage $$2,500$

Debit Inventory $$25,$ credit Opening Balance Equity $$25$

Debit Inventory Shortage $$2,500,$ credit Opening Balance Equity $$2,500$ Question $3$

Which inventory report is available in QuickBooks Online?

Physical Inventory Worksheet

Weighted Average Cost Detail

Bin Location

Pending Assemblies

Bill of Materials Question $4$

Donated or promotional giveaways of inventory in QuickBooks Online:

Are entered by a journal entry specifying the items

Are entered by using a special Donation transaction

Are entered by an expense transaction

Can't be entered

Are entered by a $$0$ sales receipt and a journal entryQuestion $5$

How can one avoid negative inventory in QuickBooks Online? Select all

that apply.

Count inventory regularly

Turn off inventory tracking

Use reorder points

Turn on the preference to disallow negative inventory

Change inventory items to non$-$inventory items

In what subscriptions and at what cost is inventory tracking available

in QuickBooks Online?

It's only available in QuickBooks Online Advanced at no extra charge

It's available in QuickBooks Online Plus and Advanced at no extra charge

It's available in all subscription levels at no extra charge

It's available in all subscription levels at an extra charge