A business paid $40,000 cash to purchase equipment. The business would: A. debit Accounts Payable for $40,000 and credit Cash for $40,000. B. debit Equipment for $40,000 and credit Accounts Payable for $40,000. C. debit Equipment for $40,000 and credit Cash for $40,000. D. debit Cash for $40,000 and credit Note Payable for $40,000