WILL LEAVE A LIKE. PLEASE DO IT ASAP Toons Wholesale has the following transactions during the month of August 2021: Aug. 1 Purchased inventory from Bugs Inc. for $14,000, FOB destination, terms 1/10 n/30. Aug. 2 The appropriate company paid $100 freight on the August 1 purchase. Aug. 6 Returned $4,000 worth of goods to Bugs as they were the wrong size. Aug. 7 Sold half of the remaining inventory purchased from Bugs to Daffy Inc. for $7,500, FOB destination, terms 2/20 n/30. Aug. 8 The appropriate company paid $120 freight on the August 7 sale. Aug. 10 Paid Bugs the entire amount owed to him. Aug. 12 Purchased inventory worth $8,000 from Elmer Inc., FOB shipping point, terms 3/15 n/45. Aug. 13 The appropriate company paid $150 freight on the August 12 purchase. Aug. 17 Sold half of the inventory purchased from Elmer to Porky Ltd. for $6,000, FOB shipping point, terms 3/10 n/20. Aug. 18 The appropriate company paid $80 freight on the August 17 sale. Aug. 22 Porky returned $1,500 worth of the goods bought on August 17 as you shipped the wrong colour. Aug. 25 Porky paid their outstanding balance. Aug. 30 Daffy paid their outstanding balance. Aug. 31 Paid Elmer the entire amount owed to him. REQUIRED - Use the expanded accounting equation to answer the following questions. How would Toons Wholesale record the August 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 PurchasesHow would Toons Wholesale record the August 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.How would Toons Wholesale record the August 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 ReturnsHow would Toons Wholesale record the August 7 transaction? a. Increase Sales and Accounts Receivable $5,000 each, and increase Cost of Goods Sold and decrease Inventory $7,500 each b. Increase Sales and Accounts Receivable $7,500 each, and increase Cost of Goods Sold and decrease Inventory $7,500 each c. Increase Sales and Accounts Receivable $7,500 each d. Increase Sales and Accounts Receivable $7,500 each, and increase Cost of Goods Sold and decrease Inventory $5,000 each e. Increase Cost of Goods Sold and decrease Inventory $5,000 eachHow would Toons Wholesale record the August 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 requiredHow would Toons Wholesale record the August 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.How much does Toons Wholesale pay Bugs on August 10? How would Toons Wholesale record the August 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 ExpenseHow would Toons Wholesale record the August 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.How would Toons Wholesale record the August 17 transaction? a. Increase Cost of Goods Sold and decrease Inventory $4,000 each b. Increase Sales and Accounts Receivable $6,000 each c. Increase Sales and Accounts Receivable $4,000 each, and increase Cost of Goods Sold and decrease Inventory $6,000 each d. Increase Sales and Accounts Receivable $6,000 each, and increase Cost of Goods Sold and decrease Inventory $4,000 each e. Increase Sales and Accounts Receivable $4,000 each, and increase Cost of Goods Sold and decrease Inventory $4,000 eachow would Toons Wholesale record the August 18 transaction? a. Decrease Cash and increase Inventory b. Decrease Cash and increase Freight Expense c. Increase both Accounts Payable and Freight Expense d. Decrease both Cash and Inventory e. No entry is required.How would Toons Wholesale record the August 22 transaction? a. Increase Inventory and decrease Cost of Goods Sold $1,500 each, and decrease Accounts Receivable and increase Sales Returns $1,000 each b. Increase Inventory and decrease Cost of Goods Sold $1,000 each, and decrease Accounts Receivable and increase Sales Returns $1,500 each c. Increase Inventory and decrease Cost of Goods Sold $1,000 each, and decrease Accounts Receivable and increase Sales Returns $1,000 each d. Increase Inventory and decrease Cost of Goods Sold $1,000 each e. Decrease Accounts Receivable and increase Sales Returns $1,500 eachHow would Toons Wholesale record the August 25 transaction? a. Increase Cash and decrease Accounts Receivable only b. Increase Cash and decrease Sales Discounts (increasing net sales), and decrease Accounts Receivable c. Increase Cash and Sales Discounts (reducing net sales), and decrease Accounts Receivable d. Increase Cash and decrease both Sales and Accounts Receivable e. Increase both Cash and Sales, and decrease Accounts Receivable How much does Porky pay Toons Wholesale on August 25? How would Toons Wholesale record the August 30 transaction? a. Increase Cash and decrease Accounts Receivable only b. Increase Cash and decrease both Sales and Accounts Receivable c. Increase both Cash and Sales, and decrease Accounts Receivable d. Increase Cash and increase Sales only e. Increase both Cash, Sales, and Accounts Receivable How much does Daffy pay Toons Wholesale on August 30? How would Toons Wholesale record the August 31 transaction? a. Decrease Cash and Accounts Payable, and increase Inventory. b. Decrease Cash and Inventory, and increase Accounts Payable. c. Decrease Cash and increase both Inventory and Accounts Payable. d. Decrease Cash and Accounts Payable only e. Decrease Cash, Inventory, and Accounts Payable. How much does Toons Wholesale pay Elmer on August 31