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What is the effect of the following business activity on the element indicated? You are the buyer, shipping terms are FOB shipping point and the freight cost is $50 cash. --- Assets 1) decrease 2) no effect 3) increase 4) increase to one and decrease to another Question 6 (1 point) What is the effect of the following business activity on the element indicated? Paid cash for inventory purchased, $8,920. --- Liabilities 1) no effect 2) decrease 3) increase 4) increase to one and decrease to another Question 7 (1 point) What is the effect of the following business activity on the element indicated? Bought inventory in exchange for cash, $679. --- Liabilities 1) increase to one and decrease to another 2) decrease 3) no effect 4) increase Question 8 (1 point) What is the effect of the following freight transaction on the element indicated? You, the seller, sold inventory with shipping terms FOB destination. Shipping costs $95 cash. --- Assets 1) increase 2) decrease 3) increase to one and decrease to another 4) no effect