What is the entry for An owner that withdrew cash for personal use from the Business.
Say his name is raymond This is what I entered
Dr: Raymond
Cr: Cash
Is this correct?
Do I have to enter it in the capital account and as what a debit or credit
![]() |
What is the entry for An owner that withdrew cash for personal use from the Business.
Say his name is raymond This is what I entered
Dr: Raymond
Cr: Cash
Is this correct?
Do I have to enter it in the capital account and as what a debit or credit
The JE would be:
Dr. Raymond, Drawing XXX
Cr. Cash XXX
The Raymond, Drawing account is an account that offsets the Raymond, Capital account.
So at the end of the year, when it comes time to close the Drawing account, you would:
Dr. Raymond, Capital XXX
Cr. Raymond, Drawing XXX
All times are GMT -7. The time now is 12:01 PM. |