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Which of the following journal entries is correct when a business entity purchases land costing $49,000 by signing a one-year note payable? Land 49,000 Notes

Which of the following journal entries is correct when a business entity purchases land costing $49,000 by signing a one-year note payable?

Land	49,000
Notes payable		49,000

Cash	49,000
Notes payable		49,000

Notes payable	49,000
Land		49,000

Land	49,000
Accounts payable		49,000

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