Owner's drawing how is it posted to general journal?
![]() |
Owner's drawing how is it posted to general journal?
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.
All times are GMT -7. The time now is 12:50 PM. |