Which of the following is one effect of a purchase of $2,000 of supplies on credit? I. It would increase assets by $2,000 II. It would decrease cash assets by $2,000 III. It would increase liabilities by $2,000 ii only iii only i and iii only ii and iii only i, ii and iii only Question 2 ( 1 point) This month, a company performed $500,000 of services and incurred total expenses of $400,000. If the company was paid in cash for all its services and paid cash for all its expenses, which of the following is / are true for the month? i. Assets would increase by $100,000. ii. Stock-holders equity would increase by $100,000. iii. Liabilities would increase by $400,000. i only