If a company receives $10,400 from a client for services provided, the effect on the accounting equation would be:
Multiple Choice
Assets decrease $10,400 and equity decreases $10,400.
Assets increase $10,400 and liabilities decrease $10,400.
Assets increase $10,400 and liabilities increase $10,400.
Liabilities increase $10,400 and equity decreases $10,400.
Assets increase $10,400 and equity increases $10,400.
