Franks Surf Shop sells surfboards. Franks uses the accrual basis of accounting. In the month of June, Franks sold 200 surfboards at $1,000 each. Franks received cash for 80 of the surfboards in June and 110 were paid for in July, in accordance with Franks 30 days to pay policy. Hang Two, one of the surfboard purchasers, was having a tough financial time so after several conversations Franks agreed to only accept $6,000 for the 10 surfboards Hang Two purchased. This money was collected in August. Franks Surf Shop has not created and does not maintain an allowance for doubtful accounts in its accounting records. a) How much revenue would Franks record for June? b) What balance sheet accounts are affected in June for these transactions? Indicate whether they are increased or decreased. Quantify the increase or decrease (where you have enough information). c) Based solely in the information above, what accounts are affected by the receipt of cash in July? Quantify the change (use journal entries if that is easier for you). d) How would you treat the Hang Two transaction in August? What accounts are affected and by how much? e) What would the impact of Hang Twos inability to pay for all the surfboards it purchased be on the companys income statement if Franks had established an allowance for doubtful accounts and the balance was $100,000?