Partners Wholesale has the following transactions during the month of May $2021$:

May $1$ Purchased inventory from Bob Inc. for $$15,000,$ FOB destination,

terms $2/10$ N$/30.$

May $2$ The appropriate company paid $$100$ freight on the May $1$ purchase.

May $6$ Returned $$3,000$ worth of goods to Bob as they were the wrong colour.

May $7$ Sold half of the remaining inventory purchased from Bob to Carol Inc.

for $$10,000,$ FOB destination, terms $2/20$ N$/30.$

May $8$ The appropriate company paid $$60$ freight on the May $7$ sale.

May $10$ Paid Bob the entire amount owed to him.

May $12$ Purchased inventory worth $$8,000$ from Ted Inc., FOB shipping point,

terms $3/15$ N$/45.$

May $13$ The appropriate company paid $$40$ freight on the May $12$ purchase.

May $17$ Sold half of the inventory purchased from Ted to Alice Ltd$.$ For $$8,000,$

FOB shipping point, terms $1/10$ N$/20.$

May $18$ The appropriate company paid $$50$ freight on the May $17$ sale.

May $22$ Alice returned $$1,000$ worth of the goods she bought on May $17$ as

you shipped her the wrong size.

May $25$ Alice paid her outstanding balance.

May $30$ Carol paid her outstanding balance.

May $31$ Paid Ted the entire amount owed to him.

REQUIRED $-$

Use the expanded accounting equation to answer the following questions.

How would Partners Wholesale record the May $1$ transaction?

a$.$ Increase both Accounts Payable and Inventory

b$.$ Increase both Purchases and Inventory

c$.$ Increase both Accounts Payable and Inventory Expense

d$.$ Increase both Purchases and Inventory Expense

e$.$ Increase both Accounts Payable and Purchases

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

How would Partners Wholesale record the May $2$ transaction?

a$.$ Increase both Inventory and Accounts Payable

b$.$ Increase Freight Expense and decrease Cash

c$.$ Increase both Freight Expense and Accounts Payable

d$.$ Increase both Inventory and Freight Expense

e$.$ No entry is required.

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

How would Partners Wholesale record the May $6$ transaction?

a$.$ Decrease both Purchases and Inventory Expense

b$.$ Decrease Inventory and increase Purchase Returns

c$.$ Decrease both Accounts Payable and Inventory

d$.$ Decrease both Accounts Payable and Inventory Expense

e$.$ Decrease Accounts Payable and increase Purchase Returns

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

How would Partners Wholesale record the May $7$ transaction?

a$.$ Increase Sales and Accounts Receivable $$6,000$ each, and increase Cost of Goods Sold and decrease Inventory $$10,000$ each

b$.$ Increase Sales and Accounts Receivable $$10,000$ each, and increase Cost of Goods Sold and decrease Inventory $$10,000$ each

c$.$ Increase Sales and Accounts Receivable $$10,000$ each

d$.$ Increase Sales and Accounts Receivable $$10,000$ each, and increase Cost of Goods Sold and decrease Inventory $$6,000$ each

e$.$ Increase Cost of Goods Sold and decrease Inventory $$6,000$ each

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

How would Partners Wholesale record the May $8$ 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 Partners Wholesale record the May $10$ 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 Partners Wholesale pay Bob on May $10?$

How would Partners Wholesale record the May $12$ 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 Partners Wholesale record the May $13$ 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 Partners Wholesale record the May $17$ transaction?

a$.$ Increase Cost of Goods Sold and decrease Inventory $$4,000$ each

b$.$ Increase Sales and Accounts Receivable $$8,000$ each

c$.$ Increase Sales and Accounts Receivable $$4,000$ each, and increase Cost of Goods Sold and decrease Inventory $$8,000$ each

d$.$ Increase Sales and Accounts Receivable $$8,000$ each, and increase Cost of Goods S