Taylor Industries Purchased Supplies For $£ 1,000$ They Paid $£ 500$

Taylor Industries purchased supplies for $£ 1,000$ . They paid $£ 500$ 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 $£ 1,000$ , a credit to a liability account for $£ 500$ . Which of the following would be the correct way to complete the recording of the transaction?

A) Credit an asset account for $£ 500$ .
B) Credit another liability account for $£ 500$ .
C) Credit the retained earnings account for $£ 500$ .
D) Debit the retained earnings account for $£ 500$ .