Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Income Statement Cash Asset + Noncash Assets = Liabilities + Contribapital + Earned Capital Revenues - Expenses = Net Income (240) 1,200 960 Select one: O a. Record accounts receivable of $1,200 and cash collected of $240 O b. None of these are correct c. Repay accounts payable of $240 , net O d. Purchase $1,200 of equipment on account e. Purchase inventory of $1,200 partially on account