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 Select one: a. decrease b. increase to one and decrease to another increase C. d. no effect What is the effect of the following freight transaction on the element indicated? You are the seller, shipping terms are FOB shipping point and the cost is $70 cash. --- Expenses Select one: a. no effect b. decrease c. increase d. increase to one and decrease to another