Question Not yet answered Marked out of 1.00 Flag question Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Income Statement Cash Noncash Liabil- Contrib. Earned Net Transaction + + + Revenues Expenses Asset Assets ities Capital Capital Income ? -120 +600 +480 Select one: 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