Examine the financial statements effects template below. Then select the answer that best describes the...
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Accounting
Examine the financial statements effects template below. Then select the answer that best describes the transaction.
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| 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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| = |
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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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