Gomez Service Company has received $7,500 in cash for services rendered. What affect does this transaction have on the accounting equation?
A) Increase Assets (Cash) and decrease Owner's Equity (Expenses)
B) Increase Assets (Cash) and decrease Assets (Accounts Receivable)
C) Increase Assets (Accounts Receivable) and increase Owner's Equity (Fees Earned)
D) Increase Assets (Cash) and increase Owner's equity (Fees Earned)
D
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