ABC Company which provides services to its customers engages in the following transactions during the first month of operations, January. January 1 January 5 January 16 first January 22 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. Services are provided to customers for the first half of the month, $17,500. Half of the amount is collected in cash. Half of the amount billed of $8,750 is due by the week of February. The remaining balance due on the furniture is paid to the supplier. In the journal entry to record the transaction on January 22 Select one: a. Furniture is debited for $34,200; Cash is credited for $34,200 b.Accounts Payable is debited for $23,500; Cash is credited for $23,500 c.Accounts Payable is debited for $34,200, Cash is credited for $34,200 d.Accounts Payable is credited for $34,200, Cash is debited for $34,200