How would Marx Wholesale record the July 8 transaction?

a. Increase both Accounts Payable and Freight Expense

b. Decrease Cash and increase Freight Expense

c. Decrease both Cash and Inventory

d. Decrease both Cash and Inventory

e. No entry is required

Enter the letter that corresponds to your choice. (A B C D E)

How would Marx Wholesale record the July 10 transaction?

a. Decrease Cash, Inventory, and Accounts Payable.

b. Decrease Cash and Accounts Payable, and increase Inventory.

c. Decrease Cash and Inventory, and increase Accounts Payable.

d. Decrease Cash and increase both Inventory and Accounts Payable.

e. Decrease Cash and Accounts Payable only.

Enter the letter that corresponds to your choice. (A B C D E)

How much does Marx Wholesale pay Groucho on July 10?

How would Marx Wholesale record the July 12 transaction?

a. Increase both Purchases and Inventory Expense

b. Increase both Accounts Payable and Purchases

c. Increase both Purchases and Inventory

d. Increase both Accounts Payable and Inventory

e. Increase both Accounts Payable and Inventory Expense

Enter the letter that corresponds to your choice. (A B C D E)

How would Marx Wholesale record the July 13 transaction?

a. Increase Inventory and decrease Cash

b. Increase Freight Expense and decrease Cash

c. Increase both Inventory and Accounts Payable

d. Increase both Freight Expense and Inventory

e. No entry is required.

Enter the letter that corresponds to your choice. (A B C D E)

How would Marx Wholesale record the July 17 transaction?

a. Increase Cost of Goods Sold and decrease Inventory $3,000 each

b. Increase Sales and Accounts Receivable $5,000 each

c. Increase Sales and Accounts Receivable $3,000 each, and increase Cost of Goods Sold and decrease Inventory $5,000 each

d. Increase Sales and Accounts Receivable $5,000 each, and increase Cost of Goods Sold and decrease Inventory $5,000 each

e. Increase Sales and Accounts Receivable $5,000 each, and increase Cost of Goods Sold and decrease Inventory $3,000 each

Enter the letter that corresponds to your choice. (A B C D E)

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