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...

Extracted text: 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