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Collin printing began operation on January 1. On January 7, Collin purchased supplies on account...

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Accounting

Collin printing began operation on January 1. On January 7, Collin purchased supplies on account for $1,000. At the end of January, Collin had $600 of supplies on hand. The proper journal entry for the January 7 transaction would:

Include a debit to supplies for $1,000

Include a debit to supplies expense for $400

include a debit to supplies for $600

none

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\table[[Number,Account Title,Debit,Credit],[101,Cash,$18,000,],[126,Supplies,10,300,],[128,Prepaid insurance,2,000,],[167,Equipment,23,000,],[168,Accumulated depreciation-Equipment,,$6,500

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