Lindy Jones withdrew $500 from her business bank account for personal use. The effect of this transaction on the accounting equation is:
A) Assets decrease by $500; Equity decreases by $500.
B) Assets decrease by $500; Equity increases by$500.
C) Assets decrease by $500; Liabilities decrease by $500.
D) Assets decrease by $500; Assets increase by $500.
Correct Answer:
Verified
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