A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation? Your answer: O This has no effect on assets, labilities, or owner's equity. O Assets decrease; owner's equity decreases O Assets increase: labilities decrease O Assets decrease; owner's equity increases

A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation? Your answer: O This has no effect on assets, labilities, or owner's equity. O Assets decrease; owner's equity decreases O Assets increase: labilities decrease O Assets decrease; owner's equity increases

Name: Question 12A proprietor makes a cash withdrawal from the proprietorsh
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Description: Question 12A proprietor makes a cash withdrawal from the proprietorship. How does this affect the accounting equation?Your answer:O This has no effect on assets, labilities, or owner's equity.O Assets decrease: owner's equity decreasesO Assets incre

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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