July 8 - The appropriate company paid $90 freight on the July 7 sale. How will MSW record the July 8 transaction? (1 point) no entry required increase both Accounts Payable and Cost of Goods Sold decrease Cash and increase Freight Expense decrease both Cash and Inventory increase both Accounts Payable and Freight Expense July 10 - Paid Groucho the entire amount owed to her. In which accounts will MSW record the July 10 transaction? (1 point) decrease Cash and Accounts payable only decrease Cash, Inventory, and Accounts Payable decrease Cash and Accounts Payable, and increase Inventory decrease Cash and increase both Inventory and Accounts Payable decrease Cash and Inventory, and increase Accounts payable July 31 - Paid Harpo the entire amount owed to her. In which accounts will MSW record the July 30 transaction? (1 point) Decrease Cash, Inventory, and Accounts Payable Decrease Cash and increase both Inventory and Accounts Payable Decrease Cash and Accounts Payable only Decrease Cash and Inventory, and increase Accounts Payable Decrease Cash and Accounts Payable, and increase Inventory How much does MSW pay Harpo on July 31? (2 points) \begin{tabular}{|l|l|} \hline \begin{tabular}{l} July \\ 18 \end{tabular} & The appropriate company paid $60 freight on the July 17 sale. \\ \hline \begin{tabular}{l} July \\ 22 \end{tabular} & \begin{tabular}{l} Zeppo returned $1,500 worth of the goods bought on July 17 as you \\ shipped the wrong size. \end{tabular} \\ \hline \begin{tabular}{l} July \\ 25 \end{tabular} & \begin{tabular}{l} Zeppo paid their outstanding balance. \\ \hline \begin{tabular}{l} July \\ 30 \end{tabular} \end{tabular} \\ \hline \begin{tabular}{l} Chico paid their outstanding balance. \\ \hline 11 \end{tabular} & Paid Harpo the entire amount owed to him. \\ \hline \end{tabular} How much does MSW pay Groucho on July 10? (2 points) July 12 - Purchased inventory worth $6,000 from Harpo Inc., FOB shipping point, terms 3/15N/45. How will MSW record the July 12 transaction? (1 point) increase both Accounts Payable and Inventory Expense increase both Accounts Payable and Inventory increase both Accounts Payable and Purchases increase both Purchases and Inventory Expense increase both Purchases and Inventory July 13 - The appropriate company paid $50 freight on the July 12 purchase. How will MSW record the July 13 transaction? (1 point) increase Inventory and decrease Cash increase both Inventory and Accounts Payable no entry required increase both Inventory and Freight Expense increase both Freight Expense and Accounts Payable increase Freight Expense and decr shipping point, terms 1/10N/20. How will MSW record the July 17 transaction? (1 point) Increase Sales and Accounts Receivable by $5,000 each, and increase Cost of Goods Sold and decrease Inventory by $3,000 each Increase Sales and Accounts Receivable by $5,000 each increase Cost of Goods Sold and decrease Inventory by $3,000 each Increase Sales and Accounts Receivable by $3,000 each, and increase Cost of Goods Sold and decrease Inventory by $5,000 each Increase Sales and Accounts Receivable by $5,000 each, and increase Cost of Goods Sold and decrease Inventory by $5,000 each July 18 - The appropriate company paid $60 freight on the July 17 sale. How will MSW record the July 18 transaction? (1 point) no entry required increase both Accounts Payable and Freight Expense increase both Accounts Payable and Cost of Goods Sold decrease both Cash and Inventory decrease Cash and increase Freight Expense July 22 - Zeppo returned $1,500 worth of the goods she bought on July 17 , as you shipped her the wrong size. How will MSW record the July 22 transaction? (1 point) Increase Inventory and decrease Cost of Goods Sold by $900 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 $900 each, and decrease Accounts Receivable and increase Sales Returns by $1,500 each Increase Inventory and decrease Cost of Goods Sold by $900 each, and decrease Accounts Receivable and increase Sales Returns by $900 each Decrease Accounts Receivable and increase Sales Returns by $1,500 each July 25 - Zeppo paid her outstanding balance. In which accounts will MSW record the July 25 transaction? (1 point) Increase Cash and decrease both Sales and Accounts Receivable Increase Cash and Sales Discounts (reducing net sales), and decrease Accounts Receivable Increase both Cash and Sales, and decrease Accounts Receivable Increase Cash and decrease Sales Discounts (increasing net sales), and decrease Accounts Receivable Increase Cash and decrease Accounts Receivable only How much does Zeppo pay MSW on July 25 ? (2 points) July 30 - Chico paid her outstanding balance. In which accounts will MSW record the July 30 transaction? (1 point) Increase Cash and decrease both Sales and Accounts Receivable Increase both Cash and Sales, and decrease Accounts Receivable Increase both Cash and Sales, and decrease Accounts Receivable Increase Cash and decrease Accounts Receivable only Increase Cash and decrease both Sales and Accounts Receivable How much does Chico pay MSW on July 30 ? (2 points) July 31 - Paid Harpo the entire amount owed to her. In which accounts will MSW record the July 30 transaction? (1 point) Decrease Cash, Inventory, and Accounts Payable Decrease Cash and increase both ccounts Payable Decrease Cash and Accounts Pavable onlv Marx Wholesale has the following transactions during the month of July, 2021: \begin{tabular}{|c|c|} \hline July 1 & \begin{tabular}{l} Purchased inventory from Groucho Inc. for $20,000, FOB destination, \\ terms 2/10 N/30. \end{tabular} \\ \hline July 2 & The appropriate company paid $100 freight on the July 1 purchase. \\ \hline July 6 & \begin{tabular}{l} Returned $4,000 worth of goods to Groucho as they were the wrong \\ colour. \end{tabular} \\ \hline July 7 & \begin{tabular}{l} Sold half of the remaining inventory purchased from Groucho to Chico \\ Inc. \\ for $12,000, FOB destination, terms 2/20 N/30. \end{tabular} \\ \hline July 8 & The appropriate company paid $90 freight on the July 7 sale. \\ \hline \begin{tabular}{l} July \\ 10 \end{tabular} & Paid Groucho the entire amount owed to him. \\ \hline July 12 & \begin{tabular}{l} Purchased inventory worth $6,000 from Harpo Inc., FOB shipping \\ point, \\ terms 3/15 N/45. \end{tabular} \\ \hline July 13 & The appropriate company paid $50 freight on the July 12 purchase. \\ \hline July 17 & \begin{tabular}{l} Sold half of the inventory purchased from Harpo to Zeppo Ltd. for \\ $5,000, \\ FOB shipping point, terms 1/10N/20. \end{tabular} \\ \hline \end{tabular}