Shaun, Incorporated received payment from a customer in June for a service that was provided during July. For the month of July, how will this be reflected in the basic accounting equation?

Multiple Choice

Assets will not change, liabilities will decrease, and stockholders' equity will increase.

Assets will increase, liabilities will increase, and stockholders' equity will not change.

Assets will increase, liabilities will not change, and stockholders' equity will increase.

Assets will decrease, liabilities will not change, and stockholders' equity will increase.