A business purchases equipment by paying $6,276 in cash and issuing a note payable of $19,177. Which of the following occurs?
A) Cash is credited for $6,276, Equipment is credited for $25,453, and Notes Payable is debited for $19,177.
B) Cash is credited for $6,276, Equipment is debited for $25,453, and Notes Payable is credited for $19,177.
C) Cash is debited for $6,276, Equipment is debited for $19,177,and Notes Payable is credited for $25,453.
D) Cash is debited for $6,276, Equipment is credited for $19,177, and Notes Payable is debited for $12,901.
Answer: B) Cash is credited for $6,276, Equipment is debited for $25,453, and Notes Payable is credited for $19,177.
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