How to remove option to select list using jQuery

ML Code

<select id="paid_by" name="paid_by">
    <option value="">Select Payment Method</option>
    <option value="1">Cash</option>
    <option value="3">Credit cards</option>
    <option value="5">Cheque</option>
    <option value="6">Debit / Credit Sales </option>
    <option value="7">Gift Card</option>
    <option value="8">Deposit</option>
    <option value="10">Free</option>
    <option value="11">Points</option>
    <option value="13">Dialog Cards </option>
    <option value="14">Visa / Master</option>
    <option value="15">Amex</option>
    <option value="16">P B Visa</option>
    <option value="17">vouchers</option>
    <option value="19">Excess</option>
    <option value="9">Shortage Account</option>
</select>

jQuery Code

$("#paid_by option[value='9']").remove();

Output

<select id="paid_by" name="paid_by">
    <option value="">Select Payment Method</option>
    <option value="1">Cash</option>
    <option value="3">Credit cards</option>
    <option value="5">Cheque</option>
    <option value="6">Debit / Credit Sales </option>
    <option value="7">Gift Card</option>
    <option value="8">Deposit</option>
    <option value="10">Free</option>
    <option value="11">Points</option>
    <option value="13">Dialog Cards </option>
    <option value="14">Visa / Master</option>
    <option value="15">Amex</option>
    <option value="16">P B Visa</option>
    <option value="17">vouchers</option>
    <option value="19">Excess</option>
</select>