Marigold Industries purchased supplies for $1060. 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 $1060, a credit to a liability account for $640. Which of the following would be the correct way to complete the recording of the transaction? Credit the retained earnings account for $420. Credit another liability account for $420. Credit an asset account for $420. Debit the retained earnings account for $420