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Which is occurred on baltic books as a result of transaction

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Problem 1: On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show. Which of the following most likely occurred on Baltic's books as a result of this transaction?

A. Total assets increased.
B. The cash account was credited
C. The accounts receivable account was debited
D. Total liabilities increased.

Problem 2: Which of the four inventory approaches transfers the most recent purchase cost to the cost of goods sold and the remaining items in inventory are valued at the oldest acquisition costs?

A. FIFO
B. Specific identification
C Average cost
D. LIFO

Reference no: EM132641848

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