What is the effect of the following business activity on the element indicated? Bought inventory in exchange for cash, $679. --- Liabilities 1) increase 2) decrease 3) increase to one and decrease to another 4) no effect Question 2 (1 point) Saved What is the effect of the following business activity on the element indicated? Bought office supplies in exchange for cash, $79. Liabilities O 1) no effect 2) increase 3) decrease 4) increase to one and decrease to another What is the effect of the following business activity on the element indicated? A customer ordered products to be delivered next month, on May 28th. --- Assets 1) increase 2) decrease 3) increase to one and decrease to another 4) no effect What is the effect of the following business activity on the element indicated? As a buyer you ordered inventory with terms FOB destination. Shipping costs are $240 cash - Assets 1) decrease O2) increase 3) no effect 4) increase to one and decrease to another What is the effect of the following business activity on the element indicated? Received inventory worth $895 from your supplier, purchased with terms 3/5, n/20. Liabilities 1) decrease 2) increase to one and decrease to another 3) increase 4) no effect What is the effect of the following business activity on the element indicated? Sold product to a customer on account for $1,850. The cost of the inventory was $985. --- Revenues 1) no effect 2) decrease 3) increase to one and decrease to another C4) increase What is the effect of the following business activity on the element indicated? You are the seller, shipping terms are FOB shipping point and the cost is $70 cash. - Assets 1) decrease 2) increase 3) no effect 4) increase to one and decrease to another What is the effect of the following business activity on the element indicated? As a seller you shipped to your customer FOB shipping point. Shipping costs are $350 cash. Assets 1) increase O2) decrease 3) no effect 4) increase to one and decrease to another