You are looking at a journal entry dated April 14. The entry debits Equipment for $6,700 and credits Cash and Notes Payable for $2,000 and $4,700, respectively. What is the best explanation for this journal entry? Purchased equipment, making a down payment of $4,700 and agreeing to pay the remainder at a later date. Purchased equipment, making a down payment of $2,000 and agreeing to pay the remainder at a later date. Purchased equipment on credit. Purchased equipment, paying cash for the entire amount