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Problem: Use the five transactions below for Hennigan Rentals to answer the questions that follow.
Dec. 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days.8 Hennigan accepts advance deposits for tool rentals of $75.15 Hennigan receives a bill from Farmer's Electric Company for $150. Payment is due in 30 days.20 Customers are charged $750 by Hennigan for tool rentals. Payment is due from the customers in 30 days.31 Hennigan receives $500 in payments from the customers that were billed for rentals on December 20.
Refer to the transactions for Hennigan Rentals.
Based on the December 8 transaction, Hennigan will record which of the following in its accounting records?
a. A debit in Accounts Payable for $75
b. A credit in Accounts Receivable for $75
c. A credit in Accounts Payable for $75
d. A debit in Accounts Receivable for $75
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