Glebe Company accepted a credit card account receivable in exchange for $1,100 of services provided to a customer. The credit card company charges a 5% service charge. The collection of cash from the credit card company when it settles the account receivable balance will act to:
A. increase assets by $1,100.
B. decrease assets and equity by $55.
C. increase assets by $1,045.
D. None of these answer choices are correct.
Answer: D
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