If a sole proprietor who owns an electrical store takes home a DVD player for his own personal use it would be considered to be:

Question

Quizplus · Accepted Answer

Taking home the DVD player is considered a drawing or withdrawal from the business, resulting in a decrease in assets (as the value of the DVD is no longer in the business) and a decrease in equity (as the owner has taken money, or in this case, an asset, out of the business for personal use).

If a Sole Proprietor Who Owns an Electrical Store Takes