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youbet1vet57
Oct 16, 2011, 10:03 AM
Owner's drawing how is it posted to general journal?

pready
Oct 16, 2011, 10:06 AM
When the owner withdraws cash from the business for personnal use the journal entry will be:
Debit Cash for the amount of cash received
Credit Owners Drawing account for the amount of cash received

At the end of the accounting period the owners drawing account will be closed out to the owners capital account.