What is the effect of the following business activity on the element indicated? Signed a contract with a supplier to purchase inventory in the upcoming year. --- Assets O 1) increase O2) no effect O 3) increase to one and decrease to another 4) decrease 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 O 1) increase O2) increase to one and decrease to another O 3) no effect 4) decrease Question 8 (1 point) What is the effect of the following business activity on the element indicated? Bought inventory in exchange for cash, $679. -- - Liabilities O 1) increase to one and decrease to another 2) decrease 3) increase 4) no effect