Question: Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Income Statement Transaction Cash Asset +Noncash Assets

Examine the financial statements effects template below. Then select the answer that best describes the transaction.

Balance Sheet Income Statement

Transaction Cash Asset +Noncash Assets = Liabilities + Contributed capital +Earned Capital Revenues - Expenses = Net Income
? -120 +600 = - =

A)

A.

Repay accounts payable of $120, net
B.

Record accounts receivable of $600 and cash collected of $120
C.

Purchase inventory of $600 partially on account
D.

Purchase $600 of equipment on account
E.

None of the above

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