ABC Company which provides services to its customers engages in the following transactions during the first month of operations, January January 1 January 5 Obtains a loan of $50,000. A seven-month, 9% note is signed at the bank. Furniture is purchased from a supplier at a cost of $34,200. A down payment of $10,700 is made with the remainder due by the end of January Customers are billed for services provided for the first half of the month. Total amount billed of $8,750 is due by the first week of February The remaining balance due on the furniture is paid to the supplier. January 16 January 22 in the journal entry to record the transaction on January 5: Select one: a. Furniture is debited for $34 200 Cash is debited for $10,700; Accounts Payable is credited for $23,500 b.Furniture is debited for $34, 200Cash is credited for $10,700; Accounts Payable is credited for $23,500 c. Furniture is credited for $34 200 cashis debited for $10,700, Accounts Payable is credited for $23.500