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9. On 11/30 MLS Corp. began negotiations for the purchase of a 1960 Chevrolet for use in firm promotional activities. MLS Corp, and the seller

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9. On 11/30 MLS Corp. began negotiations for the purchase of a 1960 Chevrolet for use in firm promotional activities. MLS Corp, and the seller agreed on a sales price of S20,000 on 12/10. The automobile is to be delivered on 12/15. MLS Corp. will make the $20,000 cash payment on 12/15. Select the appropriate entry for MLS Corp. on 11/30. a. Automobile 20,000 20,000 20,000 Note payable b. Automobile 20,000 Cash c.Automobile 20,000 Accounts payable 20,000 d. The debit to the automobile account in (a), (b), and (c) is correct; however, there is insufficient information given in the problem to determine the correct credit entry on 11/30 e. None of the above is correct

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