A business purchases equipment by paying $9,023 in cash and issuing a loan payable of $16,446. Which of the following occurs? OA. Cash is credited for $9,023, equipment is debited for $25,469 and loan payable is credited for $16,446. OB. Cash is debited for $9,023, equipment is credited for $16,446 and loan payable is debited for $7,423. OC. Cash is debited for $9,023, equipment is debited for $16,446 and loan payable is credited for $25,469. O D. Cash is credited for $9,023, equipment is credited for $25,469 and loan payable is debited for $16,446