What is the effect of the following business activity on the element indicated! Paid your supplier, less the discount of $85, cash of $8,500. Liabilities 1) decrease 2) 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? Received inventory worth $1.200 from your supplier, purchased with terms 1/10 n/30. Liabilities 1) increase 2) increase to one and decrease to another 3) no effect termass