Madison Co purchased an oven costing $30,000. It was purchased by paying $3,000 cash and signing a note for the remaining balance due. The journal entry should be a) debit Notes payable $30,000; credit Cash $3,000, Cr Equipment $27,000 b) debit Equipment $30,000; credit Cash $3,000, Cr Notes Receivable $27,000 c) debit Equipment $30,000; credit Cash $3,000, Cr Notes Payable $27,000 d) debit Equipment $27,000; credit Notes Payable $27,000