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2 X Co, performed services for Y Co. and immediately billed Y Co. $1,000. When Y Co. pays, what is the effect on the accounting equation for X Co.? Select the single best answer A. Increase Assets, decrease Owner's Equity. B. Increase Owner's Equity, decrease Cash. C. Increase Assets, increase Owner's Equity. D. Increase Owner's Equity, decrease Assets. E. Increase Assets, decrease Assets. is the term used to describe the overall function of dealing with the tracking and billing of customers who owe money to a person, company, or organization. (Please type in the option below that best completes the sentence.) Accounts Receivable Sales Management Customer Service Revenue Recognition Bad Debts The Accounts Payable account is in which of the following categories? Select the single best answer: A. Asset B. Liability C. Equity D. Expense E. Revenue