Examine the financial statements effects template below. Then select the answer that best describes the transaction. Income Statement Balance Sheet Net Cash Noncash Liabil- Contrib. Earned Rev. Expen- Transaction Asset Assets ities Capital Capitalenues - + + ses Income ?? -96 +480 = +384 Select one: a. Record accounts receivable of 5480 and cash collected of $96 Purchase $480 ot equipment on account Repay accounts payable of 596, net d. None of these are correct e Purchasewentory of $480 partially on account