Smith's Medical Supplies sold unused land at cost,which was $15,000.The buyer paid $6,000 in cash,with the balance to be paid on a note due in 6 months.The effect on Smith's Medical Supplies is to

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Selling land at cost decreases the land account by the cost amount ($15,000), increases cash by the amount received ($6,000), and the balance due ($9,000) is recorded as a note receivable, not payable, since Smith's Medical Supplies will receive this amount in the future.

Smith's Medical Supplies Sold Unused Land at Cost,which Was $15,000