Z Co. provided consulting services to W Co. and billed them $2,000. Later, W Co. made a partial payment of $1,200. What is the effect on the accounting equation for Z Co. Select the single best answer:
• A. decrease Assets, decrease Owner's Equity
• B. increase Assets; decrease Assets
• C. decrease Owner's Equity, increase Assets
• D. increase Owner's Equity, decrease Owner's Equity
• E. decrease Assets; increase Owner's Equitywhen the partial payment is received?