A sole proprietor who owns a newsagency takes home stationery and exercise books for his children to use at school. This would be considered to be:

Select one:

a. an increase in equity and a decrease in assets because the sole proprietor purchased the inventory.

b. an expense because an asset has been used for personal use.

c. a decrease in assets and a decrease in equity because by taking the stationery items the owner has made a drawing from the business.

d. an increase in assets and an increase in equity.