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Taylor Industries purchased supplies for 1,000. They paid 500 in cash and agreed to pcy...

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Accounting

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Taylor Industries purchased supplies for 1,000. They paid 500 in cash and agreed to pcy the balance in 30 days. The journal entry to record this transaction would include debit to an asset account for 1,000, a credit to a liability account for 500. Which of the following would be the correct way to complete the recording of the transaction? Select one: O a.Crediw the retained earnings account for 500. O b. Credit another liability account for 500. c. Credit an asset account for 500. Debit the retained earnings account for 500

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