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    harmandeep's Avatar
    harmandeep Posts: 5, Reputation: 1
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    #1

    May 9, 2009, 06:26 AM
    Journal entry for withdrawl
    Hello,
    Need a solution for "withdraws $3000 cash from the business for personal use".
    annalizagaspar's Avatar
    annalizagaspar Posts: 6, Reputation: 1
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    #2

    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
    Please don’t forget to rate me and my answer to your post. Happy studying!
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