Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabil- ities + Contrib. Capital + Earned Capital Revenues – Expenses = Net Income ? -300 +300 = – = Select one: 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