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    youbet1vet57's Avatar
    youbet1vet57 Posts: 3, Reputation: 1
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    #1

    Oct 16, 2011, 10:03 AM
    Owner's drawing
    Owner's drawing how is it posted to general journal?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    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.

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