Justin Inc purchased supplies for $1,200. They paid $700 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 $1,200, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction? O a Credit the asset account for $700. Credit another liability account for $500. 06 Oc Credit another liability account for $700. Od. Credit an asset account for $500