A company purchased $$2,200$ of equipment in exchange for a cash payment of $$1,200$ and a $$1,000$ promise to pay. The company recorded a $$1,200$ increase in the Equipment and a $$1,200$ decrease in the Cash account. No entry was made to the Accounts Payable account. As a result, Blank$\_\_\_\_\_\_.($Check all that apply.$)$

Multiple select question.

total assets are too low

total assets are correct

the accounting equation is not in balance

total assets are too high

the accounting equation is in balance