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 1) increase to one and decrease to another 2) decrease 3) no effect 4) increase Question 6 (1 point) What is the effect of the following busines(activity on the element indica Sold product to a customer for $2.450 cash. The cost of the inventory was $1.500- - Expenses 1) increase to one and decrease to another 2) decrease 3) increase X