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Juan Foods pays off a long-term debt in full. Which one of the following statements...

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Accounting

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?

Debit cash; credit long-term debt

Debit long-term debt; credit owners' equity

Debit owners' equity; credit long-term debt

Debit long-term debt; credit cash

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