Which of the following journal entries is correct when a business entity purchases land costing $30,000 by signing a one-year note payable?

Multiple Choice

• Cash	30,000
  Notes Payable		30,000

• Land	30,000
  Accounts payable		30,000

• Land	30,000
  Notes Payable		30,000

• Notes Payable	30,000
  Land		30,000