Renzi's Volleyball Gym Purchased Equipment for $1,200 $$\begin{array}{ | l | l | } \hline \text { Cash }& 700 \\\hline \text { Accounts Receivable } & 700 \\\hline\end{array}$$

Renzi's Volleyball Gym purchased equipment for $1,200.It made a down payment of $500 with the remainder on account.The journal entry to record this transaction is:

A)
$$\begin{array}{ | l | l | } \hline \text { Cash }& 700 \\\hline \text { Accounts Receivable } & 700 \\\hline\end{array}$$
B)
$$\begin{array} { | l | l | } \hline \text { Accounts Payable } & 500 \\\hline \text { Cash } & 700 \\\hline { \text { Equipment } } &1,200 \\\hline\end{array}$$
C)
$$\begin{array} { | l | l | } \hline \text { Supplies } & 1,200 \\\hline \text { Cash } & 700 \\\hline \text { Accounts Payable } & 500 \\\hline\end{array}$$
D)
$$\begin{array} { | l | l | } \hline \text { Equipment } & 1,200 \\\hline \text { Accounts Payable } & 700 \\\hline \text { Cash } & 500 \\\hline\end{array}$$