A business purchases equipment costing $8,200. They pay $1,200 right away and charge the remaining amount. To record this transaction, the business would: Multiple Choice Debit Equipment $7,000; Credit Accounts Payable $7,000 Debit Equipment $1,200; Credit Cash $1,200 Debit Equipment $8,200; Credit Cash $1,200 and Credit Accounts Payable $7,000 O Debit Equipment $8,200; Credit Accounts Payable $8,200