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What is the impact on inventory of hardware restoration

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Reference no: EM132910637

Problem 1: Purchases Returns and Allowances

A) increase Inventory.
B) decrease Inventory.
C) have no effect on Inventory.
D) Not enough information provided.

Problem 2: 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) $28,500
B) $30,000
C) $51,500
D) $38,500

Problem 3: The entry to adjust for Unearned Rent becoming earned includes

A) a debit to Unearned Rent.
B) a credit to Unearned Rent.
C) a debit to Income Summary.
D) None of these are correct.

Problem 4: Unearned Rent is what type of account?

A) Asset
B) Revenue
C) Liability
D) Expense

Reference no: EM132910637

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