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

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

Question

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

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 $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

Examine the Financial Statements Effects Template Below