What is the effect of the following business activity on the element indicated Received inventory worth $895 from your supplier, purchased with terms 3/5/20 ---Liabilities 1) no effect 2) increase to one and decrease to another 3) decrease 4) Increase Question 2 (1 point) Saved What is the effect of the following business activity on the element indicat Sold product to a customer on account for $3,450. The cost of the inventory was $1.950. Revenues 1) increase to one and decrease to another 2) no effect 3) decrease X