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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 2, Problem 4PEB
Textbook Problem
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Prepare a journal entry on June 30 for the withdrawal of $11,500 by Dawn Pierce for personal use.

To determine

Prepare journal entry for owner’s withdrawal.

Explanation of Solution

Journal: Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Journalize the withdrawal of amount for the personal use:

DateDescriptionPost. Ref.Debit ($)Credit ($)
June30Drawings 11,500 
      Cash  11,500
  (To record ...

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Chapter 2 Solutions

Financial Accounting
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