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15) Hardware Restoration had a purchase of $40,000, a purchase return of $10,000, and a purchase discount of $1,500. What is the impact on Inventory? A) 528,500 B) $30,010 C) $51,500 D) $35,500 16) Mary's Pie Company had a starting Inventory balance of $13,550 and the following transaction totaly for the month. Use this information to answer the questions below. Sales Returns and Allowances $300 Sales Discounts 200 Purchas" 3.000 Sales 8,010 Cost of Goods Sold 5,500 Purchases Discount 300 Prright Based on the above, ending Inventory is 17) Credit terms of 3/10, Net 30 permit a purchaser to deduct 3% of the invoice total if payment is made within 10 days. Answer: TRUE OK FALSE 18) A receiving report is used to nutity the company of the quantity and condition of the goods received Answer. TRUE OR FALSE 19) Provincial Sales Tax Payable is a A) Liability account with a debit balance. H) liability account with a credit balance. () contra asset account with a debil balance. D) contra-asect account with a credit balance. 20) The ledger containing all the balance sheet and income statement accounts is the A) general ledger. B) accounts payable subsidiary ledger. () accounts receivable subsidiary ledger. Dy payroll ledger. 21) Flat Tire Company sold tires to a charge customer, including IST and GST. What entry is required to record this transaction? A) Dhit Cash, credit Sales, Debit Cust of Goods Sold, Credit Inventory B) Debit Cash, credit Sales, credit GST Payable, credit IST Payable, Debit Cost of Goods Sold, Credit Inventory ()Debit Accounts Receivable, credit Sales, Debit Cost of Goods Sold, Credit Inventory D) Debit Accounts Receivable, credit Sales, credit GST Payable, credit IST Payable, Debit Cost of Goods Sold, Credit Inventory