A business purchase equipment by paying cash of $8,000 and issuing a note payable of $12,000. Which of the following occurs? Cash is credited for $8,000; Equipment is credited for $20,000; and Notes payable is debited for $12,000. Cash is debited for $8,000; Equipment is debited for $12,000; and Notes payable is credited for $20,000. Cash is credited for $8,000; Equipment is debited for $20,000; and Notes payable is credited for $12,000. Cash is credited for $8,000; Equipment is credited for $12,000; and Notes payable is debited for $4,000