When an owner of a proprietary business withdraws cash from the business for personal use, how would the action impact the balance of the cash and owners equity?

a) decrease cash, decrease owners equity

b) decrease cash, no change to owners equity

c) decrease cash, increase owners equity

d) increase cash, decrease owners equity

e) none of the above

A business pays August travel expenses using a credit card that is due for payment in September. Which one is correct?

a) in august, increase travel expense, increase accounts payable

b) in august, decrease travel expense, decrease accounts payable

c) in september, increase travel expense, increase account payable

d) in september, drecrease travel expense, decrease accounts payable

e) none of the above

Which of the following would you not find on the financial statements of business?

a) net worth

b) cash

c) property, planet and equipment

d) owners equity

d) none of the above