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

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Financial Statement Effects TemplateBalance SheetIncome StatementTransactionCash Asset$+$Noncash Assets$=$Liabilities$+$Contrib. Capital$+$Earned CapitalRevenues$-$Expenses$=$Net Income??$-96++480=+384$

$+$

$+-=$

Repay accounts payable of $$96,$ net

Purchase inventory of $$480$ partially on account$$

Record accounts receivable of $$480$ and cash collected of $$96$

Purchase $$480$ of equipment on account

None of these are correct.