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Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Income Statement Transaction Cash Asset + Noncash
Examine the financial statements effects template below. Then select the answer that best describes the transaction.
| Balance Sheet | Income Statement
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Transaction | Cash Asset | + | Noncash Assets | = | Liabil- ities | + | Contrib. Capital | + | Earned Capital | Rev-enues |
| Expen-ses | = | Net Income |
?? | -120 |
| +600 | = | +480 |
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Repay accounts payable of $120, net |
Purchase $600 of equipment on account |
Purchase inventory of $600 partially on account |
Record accounts receivable of $600 and cash collected of $120 |
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