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021 : Use the expanded accounting equation to answer the following questions. Use the expanded accounting equation to answer the following questions. How would Marx Wholesale record the July 1 transaction? a. Increase both ficcounts 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 Marx Wholesale record the July 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 Marx Wholesale record the July 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 How would Marx Wholesale record the July 7 transaction? a. Increase Sales and Accounts Receivable $8,000 each, and increase Cost of Goods Sold and decrease Inventory $12,000 each b. Increase Sales and Accounts Receivable $12,000 each, and increase Cost of Goods Sold and decrease Inventory $12,000 each c. Increase Sales and Accounts Receivable $12,000 each d. Increase Sales and Accounts Receivable $12,000 each, and increase Cost of Goods Sold and decrease Inventory $8,000 each e. Increase Cost of Goods Sold and decrease Inventory $8,000 each