A business purchases equipment by paying $8500 in cash and issuing a note payable of $17,000. Which of the following occurs? Cash is debited for $8500, Equipment is debited for $17,000, and Notes Payable is credited for $25,500. Cash is debited for $8500, Equipment is credited for $17,000, and Notes Payable is debited for $8500. Cash is credited for $8500, Equipment is debited for $25,500, and Notes Payable is credited for $17,000. Cash is credited for $8500, Equipment is credited for $25,500, and Notes Payable is debited for $17,000