If its serious I let them as well as myself have a little space so bad things will not be said from hurt then we get together & usually both say sorry & hug :)
I accept their apology and forgive them, of course.
Between and among friends misunderstandings are patched up quickly with communication and dealing with issues squarely. Friendship is, after all based on respect and understanding. And whoever is on the wrong side, asking for an apology is very noble!
I guess I would apologize.
I apologize and start explaining
Communicate.
Discuss the misunderstandings...do not hide from it.