A business paid $40,000 cash to purchase equipment. The business would:
A.
debit Equipment for $40,000 and credit Accounts Payable for $40,000.
B.
debit Equipment for $40,000 and credit Cash for $40,000.
C.
debit Cash for $40,000 and credit Note Payable for $40,000.
D.
debit Accounts Payable for $40,000 and credit Cash for $40,000.