debit Supplies 700 and credit Supplies Expense 700. debit Supplies Expense 700 and credit Supplies 700. 2. ABC Company purchased equipment and incurred the following costs. Cash price $24,000 Sales taxes.. 1,200 Insurance during transit ......200 Installation and testing...... 400 Total costs....... $25,800 What amount should be recorded as the cost of the equipment? (2 points) $ 25,200 $25,400 $25,800 $24,000