Able Company purchased a truck worth $20,000. The company paid $5,000 in cash and incurred a bank loan for the difference. The general ledger account effects are:

Group of answer choices

A:Truck is debited for $15,000, Cash is credited for $5,000 and Bank Loan is credited for $15,000

B:Bank Loan is debited for $20,000, Cash is credited for $5,000 and Truck is credited for $15,000

C:Truck is debited for $20,000, Cash is credited for $5,000 and Bank Loan is credited for $15,000

D:Truck is debited for $20,000 and Bank Loan is credited for $20,000