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What is the effect of the following freight transaction on the element indicated? You are the seller, shipping terms are FOB shipping point and the cost is $70 cash. -- - Assets 1) increase to one and decrease to another 2) decrease 3) no effect 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? Signed a contract with a supplier to purchase inventory in the upcoming year. --- Expenses 1) increase 2) decrease 3) increase to one and decrease to another 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 destination. Shipping costs $185 cash. -- - Assets 1) no effect 2) increase to one and decrease to another 3) increase 4) decrease Question 4 (1 point) What is the effect of the following business activity on the element indicated? Bought office supplies in exchange for cash, $79. --- Liabilities 1) increase to one and decrease to another 2) increase 3) decrease 4) no effect