Oct. $1-$ Dingle issued a $$50,000,12-$month, $8\%$ note to Oreo in payment of account. Dingle wasn't able to

pay for their purchases from the transaction in Question $1,$ within $30$ days, such as the payment terms were

stated. Dingle was relieved that Oreo offered a note to give them more time to come up with the payment.

What is the journal entry to record this loan?

Purchases $,50,000$

Notes Payable $,50,000$

Oct. $1$ Accounts Payable $,50,000$

Notes Payable $,50,000$

Oct. $1$ Cash $50,000$

Notes Payable $,50,000$

Oct. $1$ Notes Payable $50,000$

Accounts Payable $,50,000$