Assets and liabilities would decrease $1.470. crease, and liabilities would increase $1500. Question 7 25 On June 1, ABC Com y purchased $1,500 on account, terms 2/10, 1/30. After inspection of the goods, ABC discovered that the goods were defective and returned the goods before payments made. Which of the following statements is true about the effect of the purchase retur? Assets and liabilities would decrease $1,500. Assets and liabilities would decrease $1,500. Assets and liabilities would decrease $1.470. Assets and liabilities would increase $1.470. 250 Question 8 Gross profit is equal to: ning inventory plus purchases. Ir spld