What is the effect of the following business activity on the element indicated? Received $1,200 from a customer for services to be performed evenly over the next 3 months. --- Liabilities

Question 2 options:

1)	increase to one and decrease to another

2)

increase

3)

no effect

4)

decrease

Question 3 (1 point)

What is the effect of the following business activity on the element indicated? A business receives $600 cash from a customer for services to be performed over the next 2 months. --- Equity

Question 3 options:

1)

increase

2)	increase to one and decrease to another

3)

decrease

4)

no effect

Question 4 (1 point)

What is the effect of the following business activity on the element indicated? Paid for $2,450 of inventory you purchased 2/15, n/40 on Apr. 18. It is May 8. --- Assets

Question 4 options:

1)	increase to one and decrease to another

2)

decrease

3)

increase

4)

no effect

Question 5 (1 point)

What is the effect of the following business activity on the element indicated? A month-end accrual is made for your business: revenues, $24,450; expenses, $22,500; 25% tax rate. --- Expenses

Question 5 options:

1)

decrease

2)

no effect

3)	increase to one and decrease to another

4)

increase

Question 6 (1 point)

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, n/20. --- Revenue

Question 6 options:

1)	increase to one and decrease to another

2)

no effect

3)

decrease

4)

increase