Juan foods pays off a long-term debt

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Reference no: EM131100109

Juan Foods pays off a long-term debt in full. Which one of the following statements best describes the appropriate book-keeping for this transaction?

a. debit cash; credit long-term debt - Wrongb. debit long-term debt; credit owners' equityc. debit owners' equity; credit long-term debtd. debit long-term debt; credit cash
I know A is not the correct answer.

Reference no: EM131100109

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