Henry is an accountant operating as a sole proprietor. On 10 April he performs work for a client to the value of $400 on credit. The effect of this transaction on the accounting equation is: Select one: a. Equity increases by $400; Accounts payable increases by $400. b. Cash at bank increases by $400; Accounts payable decreases by $400. c. Cash at bank increases by$400; Equity decreases by $400. d. Accounts receivable increases by $400; Equity increases by $400