Augustus the Moose, Inc. made the majority of its sales on account during the previous period. Assume the company used t

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Augustus The Moose Inc Made The Majority Of Its Sales On Account During The Previous Period Assume The Company Used T 1 (68 KiB) Viewed 10 times

Augustus the Moose, Inc. made the majority of its sales on account during the previous period. Assume the company used the direct write off method to account for bad debt, which of the following is incorrect? $35 in accounts previously written off as uncollectible were collected, which resulted in a net increase to assets and an increase to equity. Sales of $11,600 were recorded on account, which resulted in an increase to assets and an increase to equity. $43 in accounts were written off as uncollectible, which resulted in a decrease to assets and a decrease to equity. $1,250 in cash sales were made, which resulted in an increase to assets and an increase to equity. $10,000 in cash was received from customers for payment on account, which resulted in a decrease to assets and a decrease to liabilities. Question 2 (1 point)✓ Saved In a period of rising purchase costs, which of the following inventory cost flow assumptions would yield the highest ending inventory for a merchandiser of identical units of product? Last-in, first-out First-in, first-out Average cost Specific identification Unable to answer from the information given.