Question 3 (1 point) What is the effect of the following business activity on the element indicated? Paid for $2,450 of inventory you purchased 2/15, n/40 on Apr. 18. It is May 8. ... Assets 1) decrease O2) increase to one and decrease to another 3) increase 4) no effect Question 4 (1 point) What is the effect of the following business activity on the element indicated? A business with revenues of $92.460 and expenses of $84,530 accrues for 20% of income taxes --- Liabilities 1) increase to one and decrease to another 2) increase 3) decrease 4) no effed