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Prepare a journal entry on June 30 for the withdrawal of $11,500 by Dawn Pierce for personal use.
Financial Accounting
Solutions
Financial Accounting
Prepare a journal entry on June 30 for the withdrawal of $11,500 by Dawn Pierce for personal use.
Prepare journal entry for owner’s withdrawal.
Explanation of Solution
Journal: Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.
Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.
Journalize the withdrawal of amount for the personal use:
| Date | Description | Post. Ref. | Debit ($) | Credit ($) | |
| June | 30 | Drawings | 11,500 | ||
| Cash | 11,500 | ||||
| (To record ... | |||||
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