Question 1 (1 point) Saved What is the effect of the following business activity on the element indicated? A customer pays $1,500 cash for services to be performed over the next 6 months. - -- Equity 1) increase 2) no effect 3) decrease 4) increase to one and decrease to another Question 2 (1 point) Saved What is the effect of the following business activity on the element indicated? Paid for $1,200 of inventory you purchased 1/10, n/30, on Feb. 12. It is Feb. 22. --- Liabilities 1) decrease O2) increase to one and decrease to another 3) no effect 4) increase