5 multiple choice questions i need help with

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. Question 3 (1 point) Which of the following statements regarding accounts receivable metric-based analysis is incorrect? The days' sales in receivables can be directly compared to the credit period extended to customers. Average accounts receivable is calculated by dividing the ending accounts receivable balance by two There are two ways to calculate the days sales in receivables metric The accounts receivable turnover ratio indicates how many times per year accounts receivable is converted to cash Only sales on account should be used in the accounts receivable metric-based analysis calculations. Only sales on account should be used in the accounts receivable metric-based analysis calculations. Question 4 (5 points) During the previous year, Mountain Flow, Inc. reported credit sales of $137.500. The company uses the allowance method to account for bad debt and estimated that 2% of credit sales made during the year will be uncollectible. The balance in the allowance for doubtful accounts at the beginning of the year was $550. Which of the following statements is correct? At year end, the accounts receivable balance minus the allowance for doubtful accounts would be reported in the equity section of the balance sheet. Deeming a $1,000 account uncollectible during the year would result in an increase to bad debt expense of $1,000. The balance in the allowance for doubtful accounts of $500 would be factored into the calculation of the adjustment for uncollectible accounts. During the year, a $750 account that was previously written off was collected. This transaction would have no impact on the allowance for doubtful accounts. The adjustment to account for bad debt would include an increase to the allowance for doubtful accounts of $2,750 and a decrease to retained earnings of $2,750. Question 5 (1 point) When completing a bank reconciliation at the end of the period, an employee noted that bank service charges had been recorded by the bank but not yet entered in the accounting records. Which of the following statements is true? The bank service charges should be added to the cash balance according to the company on the bank reconciliation. The bank service charges should be added to the cash balance according to the bank on the bank reconciliation The bank service charges should be subtracted from the cash balance according to the company on the bank reconcilation. The bank service charges should be subtracted from the cash balance according to the bank on the bank reconciliation. The bank service charges should not appear on the bank reconciliation Question 6 (5 points) The following information was prepared for The Fugees, LLC's first month of operations