Company collected $7,000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Mulberry?

a.assets increase by $7,000; liabilities decrease by $7,000

b.assets increase by $7,000; assets decrease by $7,000

c.assets increase by $7,000; liabilities increase by $7,000

d.assets increase by $7,000; equity increases by $7,000