Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency.The owner, A.A.Bondy, is postponing payment of the bill until a later date.The effect on specific items in the basic accounting equation is
A) a decrease in Cash and an increase in Accounts Payable.
B) a decrease in Cash and an increase in Retained Earnings.
C) an increase in Accounts Payable and a decrease in Retained Earnings.
D) a decrease in Accounts Payable and an increase in Retained Earnings.
Correct Answer:
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