s.com 1.5 pts Question 11 This critical thinking question draws from diverse material. Take your time and parcel each answer choice. Good accounting requires careful analysis. Below is a journal entry made by Bailey's Bakery. It involves two asset accounts and one liability account. As with any journal entry, total debits equal total credits. DEBIT CREDIT 9.200 March 14 Equipment - oven Cash Note payable 2,000 7,200 What does this journal entry signify with regard to Bailey's business? O Bailey's purchased a new oven costing $9.200 and paid $2,000 down: Bailey's still owes the vendor $7.200 for the oven Bailey's sold an oven, receiving $2,000 in cash at time of sale. The buyer still owes Bailey's $7.200 for the oven. Bailey's sold an over for $9.200, putting $2,000 in the bank and using the remaining proceeds to pay off an old loan. Bailey's purchased a new oven costing $9,200 and paid $7.200 down: Bailey's still owes the vendor $2,000 for the oven