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-   -   Journal entry for withdrawal (https://www.askmehelpdesk.com/showthread.php?t=351604)

  • May 9, 2009, 06:26 AM
    harmandeep
    Journal entry for withdrawl
    Hello,
    Need a solution for "withdraws $3000 cash from the business for personal use".
  • May 10, 2009, 01:30 AM
    annalizagaspar
    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
    Please don’t forget to rate me and my answer to your post. Happy studying!

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