Question

Which of the following journal entries is correct when a business entity purchases land costing $49,000...

Which of the following journal entries is correct when a business entity purchases land costing $49,000 by signing a one-year note payable?
  Land 49,000
       Notes payable   49,000

  

  Cash 49,000
       Notes payable   49,000

  

  Notes payable 49,000
       Land   49,000

  

  Land 49,000
       Accounts payable   49,000
Business   Accounting   
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