Question
A sole proprietor makes a cash withdrawal from his company. How does this transaction affect the accounting equation? Assets, liabilities, and equity remain the same.
A sole proprietor makes a cash withdrawal from his company. How does this transaction affect the accounting equation?
Assets, liabilities, and equity remain the same.
Assets decrease; equity decreases.
Assets increase; liabilities decrease.
Assets decrease; equity increases.
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College Accounting Chapters 1-12
Authors: Douglas McQuaig
10th Edition
1439038783, 978-1439038789
