Big Blue Manufacturing has decided to purchase some new equipment. Big Blue can pay only $500 of the $2,000 purchase price and must finance the remainder on a short-term note. The entry to the Notes Payable account is a:

1. credit of $500

2. credit of $2,000

3. debit of $1,500

4. credit of $1,500

Debit Equipment for 2,000
Credit Cash for 500
Credit Notes Payable for 1,500