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2) What is the effect of the following business activity on the element indicated?

Paid your supplier after the discount period was past, $9,580. --- Expenses

Question 2 options:

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

3) What is the effect of the following business activity on the element indicated?

Received inventory worth $6,200 from your supplier, purchased with terms 1/5, n/15. --- Liabilities

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

4) 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

Question 4 options:

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

5) What is the effect of the following business activity on the element indicated?

Bought office supplies in exchange for cash, $79. --- Liabilities

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

6) What is the effect of the following business activity on the element indicated?

Used up one month of rent which last month you paid in advance to the landlord. --- Assets

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

7) What is the effect of the following business activity on the element indicated?

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

8) What is the effect of the following freight transaction on the element indicated?

Paid your supplier within the discount period, $2,450 less $25 discount. --- Liabilities

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect

9) You, the seller, sold inventory with shipping terms FOB destination. Shipping costs $95 cash. --- Assets

a) Increase to one and decrease to another b) Decrease C) Increase d) no effect