A sole proprietor makes a cash withdrawal from his company. How does this transaction affect the accounting equation?

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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.

Question

A sole proprietor makes a cash withdrawal from his company. How does this transaction affect the accounting equation?

  • Written in: 17-Oct-2019
  • Paper ID: 5975368
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Approved

DATE ANSWERED

Oct 17, 2019

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