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harmandeep
May 9, 2009, 06:26 AM
Hello,
Need a solution for "withdraws $3000 cash from the business for personal use".

annalizagaspar
May 10, 2009, 01:30 AM
Debit: Withdrawals $3000
Credit: Cash $3000

Note that at the end of the period, the Withdrawals account will be closed to the owner’s capital or equity. The closing entry will be:

Debit: Capital $3000
Credit: Withdrawals $3000

~liza
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