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On June 1. ABC Company purchased $1.500 on account, terms 2/10, 1/30. The company records purchases using the net method. Which of the following statements is true about the effect of the purchase? Assets and abilities would increase $1.500 Total sets would not change Totalities would not change Assets and abilities would increase $1470 On June 1. ABC Company purchased $1.500 on account, terms 2/10, n/30. The company uses the net method to record purchases. If the company pays the invoice on June 10, which of the following statements is true about the effect of the payment? Assets and liabilities would decrease $1470 Assets and abilities would decrease $1.500 Assets would decrease $1.470, and liabilities would increase $1.470 Assets would decrease $1.500, and liabilities would increase $1.500