Question 31 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 writ account have on the financial statements? Total assets and stockholders' equity would decrease Total assets and stockholders' equity would increase Total assets would not change No accounts would be affected. Question 32 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 th How would the reinstatement of the account (reversal of the write-off) on November 1 affect the accounting equation? Accounts receivable and the allowance for bad debts would increase Accounts receivable and the allowance for bad debts would decrease. Accounts receivable and retained earnings would decrease O Accounts receivable and retained earnings would increase. Jensen Company had the following inventory data for the year Jan 1 Mar. 15 June 30 Oct. 1 Beginning inventory Purchase Purchase 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 On December 31, there are 2,000 units of the item in the physical inventory. Calculate ending inventory on December 31 assuming Jensen uses FIFO $4.500 O $4,000 $7.000 O $43.000