Why is the aging method, used to calculate the allowance for doubtful accounts, preferable to using a single percentage for all receivables? Select all that apply. a) It is the only method allowed by GAAP. b) It can provide a better estimate than a one-size-fits-all approach. c) It assumes that accounts which are current are always fully collectible d) It is easier to assign reasonable percentages to several categories than to use one percentage only for all accounts receivable e) It reconizes that older accounts receivable are less likely to be collected If, at your year-end, you determine that inventory which originally cost you $20 per items can now only be sold for $15 each instead of the usual selling price of $40 each, What must you do? a) reduce Inventory by $5 per item but do not record a loss until the items are sold b) make no adjustments at all until the items are sold c) return the items to your supplier d) increase Inventory Losses by $5 per item but do not adjust Inventory until the items are sold e) reduce Inventory and increase Inventory Losses or Cost of Goods Sold by $5 per item