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Gogol Inc. buys a jet for $5,000.000 borrowing a loan from Chase Manhattan Bank. Which of the following is correct journal entry for Gogol? *

Notes Payable debit $5M and Vehicles credit $5M.

Vehicles debit $5M and Notes Payable credit $5M.

Equipments debit $5M and Notes Payable credit $5M.

Vehicles debit $5M and Accounts Payable credit $5M.

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