Question: how do i answer these question 1 (1 point} What is the effect of the following business activity on the element indicated? Sold product to

how do i answer these

question 1 (1 point} What is the effect of the following business activity on the element indicated? Sold product to a customer on account for $1,850. The cost of the inventory was $985. --- Expenses O 1) no effect 0 2) increase to one and decrease to another 0 3) decrease O 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? Paid for 6 months of rent in advance, $7,200. You will move in next month. --- Assets O 1) decrease O 2) increase 0 3) increase to one and decrease to another 0 4) no effect Question 3 (1 point) What is the effect of the following freight transaction on the element indicated? You sell inventory with shipping terms FOB shipping point. Shipping costs $275 cash. Assets 0 1l decrease O 2) no effect 0 3) increase to one and decrease to another 0 4) increase Question 4 (1 point) What is the effect of the following business activity on the element indicated? Paid for 6 months of rent in advance, $7,200. You will move in next month. --- Expenses O 1) increase to one and decrease to another 0 2) no effect 0 3) decrease O 4) increase Question 5 (1 point) What is the effect of the following business activity on the element indicated? Sold product to a customer for $2,450 cash. The cost of the inventory was $1,500. - - Expenses O 1) increase to one and decrease to another 0 2) no effect 0 3) increase 0 4) decrease Question 6 (1 point) What is the effect of the following business activity on the element indicated? Purchased office supplies in exchange for cash, $290. --- Liabilities O 1) no effect O 2) decrease O 3) increase to one and decrease to another 0 4) increase Question 7 (1 point) What is the effect of the following business activity on the element indicated? Sold product to a customer on account for $1,850. The cost of the inventory was $985. --- Revenues O 1) no effect 0 2) increase to one and decrease to another 0 3) increase 0 4) decrease Question 8 (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. Liabilities O 1) increase to one and decrease to another 0 2) decrease O 3) increase 0 4) no effect

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