Question
A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation? Your answer: This has no effect on assets, liabilities,
A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation?
| Your answer: | |
|---|---|
| This has no effect on assets, liabilities, or owner's equity. | |
| Assets decrease; owner's equity decreases | |
| Assets increase; liabilities decrease | |
| Assets decrease; owner's equity increases | |
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
12th edition
133451860, 978-0133451863
