Latimer Company Borrows $50,000 from the Bank and Signs a Note

Multiple Choice

Latimer Company borrows $50,000 from the bank and signs a note that is due in three months.How would the company record this payment?

A) Debit Land for $50,000 and credit Notes Payable for $50,000.
B) Debit Cash for $50,000 and credit Notes Payable for $50,000.
C) Debit Notes Payable by $50,000 and credit Cash for $50,000.
D) Debit Cash for $50,000 and credit Accounts Payable for $50,000.
E) Debit Cash for $50,000 and credit Service Revenue for $50,000.