August $1-$ Purchased inventory from Bugs Inc, tor $14,000,$ FOB destination, terms $1/10$ N$/30.$ How

will TIW record the August I transoction? $(1$ point$)$

a$)$ increase both Purchases and Inventory Expense

b$)$ Increase both Accounts Payable and Inventon

c$)$ increase both Accounts Payable and Inventory Expense

d$)$ Increose both Accounts payable and Purchases x

e$)$increase both Purchases and Inventory

August $2-$ The appropriate company poid $$100$ treight on the August $1$ purchase. How will TTW

record the August $2$ transaction? $(1$ point$)$

a$)$increase both Inventory and Accounts Payable

b$)$Increase both Imventory and Freight Expense

c$)$no entry required

d$)$increase freight Expense and decrease Cash x

e$)$Increase both Freight Expense and Accounts Payable

August $6-$ Returned $$4,000$ worth of goods to Bugs, as they were the wrong colour. How will TTW

record the August $3$ transaction? $(1$ point$)$

a$)$decrease inventory and increase Purchase Returns x

b$)$decrease both Accounts Payable and Inventory Expense

c$)$decreose both Accounts Payable and Inventory

d$)$decrease Accounts Payable and increase Purchase Returns

e$)$decrease both Purchases and Inventory Expense

How much does TTW pay Bugs on August $10$th$?$

August $12-$ Purchosed Inventory worth $$8,000$ from Elmer Inc, FOE shlpping point

terms $(3)/(15)$ N$/45.$ How will TTW record the August $12$ transaction? $(1$ point$)$

a$)$increase both Purchases and Inventory Expense

b$)$increase both Accounts Payable and Inventory

c$)$Increase both Accounts Payable and Imventory Expense

d$)$increase both Accounts Payable and Purchases $*$

d$)$ increase both Purchases and inventoryAugust $13-$ The appropriate company paid $$150$ freight on the August $12$ purchase. How will TTW

record the August $13$ transaction?

Increase both Inventory and Accounts Payable

increase both Freight Expense and Accounts Payable

increase Inventory and decrease Cash

no entry required

increase Freight Expense and decrease Cash x

increase both Inventory and Freight Expense

August $22-$ Porky returned $$1,500$ worth of the goods he bought on August $17,$ as you shipped her

the wrong size. How will TTW record the August $22$ transaction?

Decrease Accounts Receivable and increase Sales Returns by $$1,500$ each

Increase Inventory and decrease Cost of Goods Sold by $$1,500$ each, and decrease Accounts

Receivable and increase Sales Returns by $$1,500$ each

Increase Inventory and decrease Cost of Goods Sold by $$1,000$ each

Increase Inventory and decrease Cost of Goods Sold by $$1,000$ each, and decrease Accounts

Recelvable and increase Sales Returns by $$1,500$ each x

Increase Inventory and decrease Cost of Goods Sold by $$1,000$ each, and decrease Accounts

Receivable and increase Sales Returns by $$1,500$ each

August $25-$ Porky paid his outstanding balance. In which accounts will TTW record the August $25$

transaction?

Increase Cash and Sales Discounts $($reducing net sales$),$ and decrease Accounts Receivable

Increase Cash and decrease both Sales and Accounts Receivable

Increase both Cash and Sales, and decrease Accounts Receivable

Increase Cash and decrease Accounts Receivable only x

Increase Cash and decrease Sales Discounts $($Increasing net sales$),$ and decrease Accounts

Receivable

How much does Porky pay TTW on August $25?(2$ points$)$