What is the effect of the following business activity on the element indicated? You made a Dec. 31 year-end entry for interest on a 1 year $85,000 loan, 3% interest, taken out Dec. 1. -- Expenses 1) decrease 2) increase 3) increase to one and decrease to another 4) no effect 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 1) no effect 2) decrease 3) increase 4) increase to one and decrease to another What is the effect of the following business activity on the element indicated? Received inventory worth $2,450 from your supplier, purchased with terms 2/15, n/40. --- Expenses 1) decrease 2) no effect 3) increase to one and decrease to another 4) increase