Part A: For each of the business activities provided indicate the effect on the item listed. Asample has been provided for you Use the following legend to indicate the effect of the business transaction on the element Enter A if there is an increase to the element Enter B if there is a decrease to the element Enter C if there is both an increase and a decrease to the element Enter D if there is NO IMPACT at all on the element Effect on: Assets Sample: Question Solution: The purchase of new equipment for cash, $4,000 Effect on: Equity Liability Solution: Paid your supplier within the discount period, $2,450 less $25 Q1discount 2 Purchased office supplies for cash, $256 Q3 cost is $70 cash Q4costs $135 cash Q5 May 28th Q6 with terms 1/5, n/15 Q7 Shipping costs are $250 cash Q8Purchased shop supplies using a business credit card, $345 You are the seller, shipping terms are FOB shipping point and the You buy inventory with shipping terms FOB destination. Shipping A customer ordered products to be delivered next month, on Received inventory worth $6,200 from your supplier, purchased As a seller you shipped to your customer FOB destination Expense Expense Expense Equity Asset