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Examine the financial statements effects template below. Then select the answer that best describes the transaction. (A) Purchase inventory of $480 partially on account B

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Examine the financial statements effects template below. Then select the answer that best describes the transaction. (A) Purchase inventory of $480 partially on account B Repay accounts payable of $96, net (C) Record accounts receivable of $480 and cash collected of $96 (D) Purchase $480 of equipment on account E None of these are correct

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