Jan Spears opened her decorating company on January 1. During the first month of operations,...

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Accounting

Jan Spears opened her decorating company on January 1. During the first month of operations, the following transaction occurred.
Purchased decorating supplies on January 1 for $50,000, paying $10,000 in cash and signing a $40,000, three-year note payable. Interest is $300 per month.
Select correct account for adjusting journal entry at the end of January.
Debit
Credit
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