Which is not a correct statement?

	As transactions are recorded in the Activities windows, QuickBooks uses information in the Item List to record the transaction in the correct accounts.
	When entering a quantity on hand for an inventory part item, the total value is computed automatically based on the cost times the quantity.
	When you record the quantity on hand for inventory parts, QuickBooks creates the inventory asset for that inventory part.
	The date does not matter as a journal entry will be recorded without a date.