Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. March 28 Owner withdraws $2,600 of cash for personal use. September 1 Owner deposits $49,000 in business bank account as an initial investment.

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Business

Kathy Hodges

29 August, 02:57

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. March 28 Owner withdraws $2,600 of cash for personal use. September 1 Owner deposits $49,000 in business bank account as an initial investment.

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Jade King · Answer 1

Journal entry : The journal entry shows the debit and credit side of the accounts. Here, debit means the expenditures which are incurred by the company whereas credit represent the incomes or revenue.

The journal entry for both the transactions is as follows:

1. March 28 - Drawings A/c Dr $2,600

To Cash A/c 2,600

Here for personal use, the drawing account should be used.

2. September 1 - Bank Account Dr $49,000

To Cash $49,000

Here, the bank balance is increase, whereas the cash balance is decreased.