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31-32, 35-36 please On June 10, a $5,000 account receivable from a customer has been determined to be uncollectible. Using the allowance method, what effect
31-32, 35-36 please On June 10, a $5,000 account receivable from a customer has been determined to be uncollectible. Using the allowance method, what effect would the write off of the account have on the financial statements? Accounts receivable and the allowance for bad debts would increase. Accounts receivable and retained earnings would increase. O Accounts receivable and the allowance for bad debts would decrease. O Accounts receivable and retained earnings would decrease. Question 32 2.5 pts On June 10, a $5,000 account receivable from a customer was written off using the allowance method. On November 1, the account was collected from the customer. How would the reinstatement of the account (reversal of the write-off) on November 1 affect the accounting equation? Accounts receivable and retained earnings would increase. o Accounts receivable and retained earnings would decrease. Accounts receivable and the allowance for bad debts would increase. Accounts receivable and the allowance for bad debts would decrease. Question 35 2.5 pts Jensen Company had the following inventory data for the year: Jan. 1 Beginning inventory Mar. 15 Purchase 1,000 units @ $2 = $2,000 5,000 units @ $2.50 = $12,500 4,000 units @ $3 = $12,000 6,000 units @ $3.50 = $21,000 June 30 Purchase Oct. 1 Purchase On December 31, there are 2,000 units of the item in the physical inventory. Calculate cost of goods sold for the year assuming Jensen uses LIFO. O $43,000 O $47,500 O $40,500 O $4,500 Question 36 2.5 pts Jensen Company had the following inventory data for the year: Jan. 1 Beginning inventory Mar. 15 Purchase 1,000 units @ $2 = $2,000 5,000 units @ $2.50 = $12,500 4,000 units @ $3 = $12,000 6,000 units @ $3.50 = $21,000 June 30 Purchase Oct. 1 Purchase On December 31, there are 2,000 units of the item in the physical inventory. Calculate cost of goods sold for the year assuming Jensen uses weighted average cost. (Round average cost per unit to four decimal places. Round cost of goods solo to the nearest dollar.) $41,563 O $5,938 O $47,500 O $38,500
31-32, 35-36 please
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