Bonita Industries purchased supplies for $950. They paid $420 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 $950, a credit to a liability account for $530. Which of the following would be the correct way to complete the recording of the transaction? O Credit the retained earnings account for $420. O Debit the retained earnings account for $420. O Credit another liability account for $420. O Credit an asset account for $420