Reference no: EM132823028
Question - Randolf and Tenisa went to a business conference in Paris and then on to Nice for a week of vacation. The flight for two and the conference in Paris costs $15,000. The flight to Nice and the hotel expenses in Nice cost an additional $4,000. Randolf and Tenisa paid the full $19,000 in cash using company funds on January 1st.
Randolf and Tenisa consider the $4,000 of personal expenses paid for by the company to be a capital withdrawal from the company. What is the net impact of this transaction to Comfy Home's accounting equation on January 1st?
A. Decrease assets by $15,000 and decrease owners' equity by $15,000.
B. Decrease assets by $19,000, increase liabilities by $15,000, and decrease owners' equity by $4,000.
C. Decrease assets by $15,000, decrease liabilities by $4,000, and decrease owners' equity by $19,000.
D. Decrease assets by $19,000 and decrease owners' equity by $19,000.
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