Smith Company purchases new equipment for $20,000 with cash. How would the bookkeeper record this transaction using the debit and credit rules? Equipment would have a credit balance. Equipment would be increased by a credit of $20,000. Cash would be decreased by a debit of $20,000. Equipment would be increased by a debit of $20,000. Cash would be decreased by a credit of $20,000. Equipment would be decreased by a debit of $20,000. Cash would be increased by a credit of $20,000