DBM Partnership is on the process of liquidating their partnership. Non-cash assets are already sold leaving a cash of $520,000. The partnerships outstanding liabilities are Accounts Payable of $75,000 and Notes Payable of $20,000. Record the payment of outstanding liabilities.

Select one:

a. Debit Cash $95,000, Credit Accounts Payable $75,000, and Credit Notes Payable $20,000

b. Debit Accounts Payable $20,000, Debit Notes Payable $75,000, and Credit Cash $95,000.

c. Debit Cash $95,000, Credit Accounts Payable $20,000, and Credit Notes Payable $75,000

d. Debit Accounts Payable $75,000, Debit Notes Payable $20,000, and Credit Cash $95,000.