Multiple Choice
When the owner of a sole proprietorship withdraws assets from the business for personal use,
A) it is treated like a noncash dividend.
B) it is illegal because the assets belong to the separate entity,the proprietorship.
C) it would be recorded as a loss by the proprietorship.
D) it is recorded as a reduction of owner's equity.
Correct Answer:
Verified
Correct Answer:
Verified
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