Howard Company purchased $300 of supplies on account. Which of the following shows how this purchase will affect Howard's ledger accounts? Assets = Liabilities + Stockholders' Equity Cash + Supplies = Assets Cash Liabilities + + Supplies 300 = Accounts Payable 300 Stockholders' Equity Accounts Payable 300 + + Common Stock Common Stock + + Retained Earnings (300) Retained Earnings

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