Business, 25.03.2020 05:06 ella3714

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 = Liabil- ities + Contrib. Capital + Earned Capital Revenues – Expenses = Net Income ? -120 +600 = +480 – = 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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