: X Company purchased Supplies for $12,000. It paid $7,000 in cash and agreed to pay the remaining balance in 30 days. The journal entry
: X Company purchased Supplies for
$12,000. It paid $7,000 in cash and
agreed to pay the remaining balance in
30 days. The journal entry to record
this transaction would include a debit
to an asset account for $12,000, a
credit to a liability account for $5,000.
Which of the following would be the
correct way to complete the recording
of the transaction? *
O Credit an asset account for $7,000
Credit an asset account for $5,000
Credit another liability account for
$7,000
O None of the above
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