Multiple Choice Question Vaughn Industries purchased supplies for $990. They paid $410 in cash and agreed to pay the balance in 30 days.

Help please fast! Multiple Choice Question

Vaughn Industries purchased supplies for $990. They paid $410 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $990, a credit to a liability account for $580. Which of the following would be the correct way to complete the recording of the transaction?

Debit the retained earnings account for $410.

Credit an asset account for $410.

Credit the retained earnings account for $410.

Credit another liability account for $410.