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11. Your Company purchased land. It paid $5,000 in cash and signed a Note Payable for $15,000. Which of the following journal entries properly records

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11. Your Company purchased land. It paid $5,000 in cash and signed a Note Payable for $15,000. Which of the following journal entries properly records this transaction? May1 Cash May1 Note Payable May1 Cash May1 Land Land Note Payable Cash 5000 5,000 Note P Land 20 000 20000 Cash Note Payable 15,000 Show your work for calculations. If you show no work, I may ask you to come to my office to explain how you got your answers

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