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

A) Repay accounts payable of $300 with cash
B) Collect cash for accounts receivable of $300
C) Purchase inventory of $300 on account
D) Purchase inventory of $300 for cash
E) None of the above

Question

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

A) Repay accounts payable of $300 with cash 
B) Collect cash for accounts receivable of $300 
C) Purchase inventory of $300 on account 
D) Purchase inventory of $300 for cash 
E) None of the above

Quizplus · Accepted Answer

The Answer of Examine the financial statements effects template below. Then select the answer that best describes the transaction.

A) Repay accounts payable of $300 with cash 
B) Collect cash for accounts receivable of $300 
C) Purchase inventory of $300 on account 
D) Purchase inventory of $300 for cash 
E) None of the above

Examine the Financial Statements Effects Template Below