Renzi's Volleyball Gym purchased equipment for $1,400. It made a down payment of $800 with the remainder on account. The journal entry to record this transaction is

Question

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This transaction involves the purchase of equipment on account, meaning that the company did not pay for the full amount in cash but instead promised to pay it later. The journal entry to record this transaction would be to debit Equipment for the full amount of $1,400, credit Accounts Payable for the remaining amount of $600, and credit Cash for the down payment made of $800. Therefore, the correct choice is D.

Renzi's Volleyball Gym Purchased Equipment for $1,400