Action Accounting
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The Pineapple Pub
Double Entry: Transaction 13 / of 16
Scene 50
/ of 100
Introduction
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Double Entry
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Balancing Accounts
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Trial Balance
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Income Statement
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Balance Sheet
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Completed Financial Statements
December 23: Jason decides to withdraw money for his own personal use, writing a cheque to himself for €4,200.
Made drawings of €4,200 by cheque on 23rd December.
Tick which two ledger accounts should be used.
Bank Account
Capital Account
Creditor - Flash Sales Limited Account
Creditor - Kensington Supplies Limted Account
Debtor - Hampstead Heath Party Hire Account
Discount Allowed Account
Drawings Account
Energy Expenses Account
Equipment Account
Furniture Account
Leasing Expenses Account
Purchases Account
Rent Payable Account
Rent Receivable Account
Sales Account
Wages Account
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The drawings account (representing what the owner takes for his own personal use) and the bank account are the two accounts required.
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Are you sure? Try again.
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Anything withdrawn from the business by the owner for his own personal use is termed drawings. In this example he money from the bank (cheque).
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