Crane Eyes Downtown Diner received a bill of $500 from the Culver 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 decrease in Cash and an increase in Accounts Payable. a decrease in Accounts Payable and an increase in Retained Earnings. an increase in Accounts Payable and a decrease in Retained Earnings. a decrease in Cash and an increase in Retained Earnings