Which of the Following Journal Entries Is Correct When a Business

question 96

Multiple Choice

Which of the following journal entries is correct when a business entity purchases land costing $30,000 by signing a one-year note payable?

• A) Cash \( \quad \) \( \quad \) \( \quad \) \( \quad \) \( \quad \) \( \quad \)30,000
• Notes Payable \( \quad \) \( \quad \) \( \quad \) \( \quad \) \( \quad \) \( \quad \)30,000
• B) \(\begin{array} { l r }
• \text { Land } & 30,000 \\
• \text { \quad Cash } & &30,000
• \end{array}\)
• C) Land \( \quad \) \( \quad \) \( \quad \) \( \quad \) 30,000
• \( \quad \)Notes Payable \( \quad \) \( \quad \) \( \quad \)30,000
• D) Notes Payable \(\quad 30,000\)
• \( \quad \)Land \( \quad \) \( \quad \) \( \quad \) \( \quad \) \( \quad \)\(30.000\)

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