A firm purchased equipment for $3,000 on credit and issued a 180-day note bearing interest at 8 percent as evidence of the debt. The journal entry to record this transaction is: Multiple Choice debit Equipment for $3,000, and credit Notes Payable for $3,000. debit Equipment for $3,000 and credit Accounts Payable for $3,000. debit Equipment for $3,120 and credit Notes Payable for $3,120. debit Equipment for $3,000, debit Interest Expense for $120, and credit Notes Payable for $3,120