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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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
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