Question

how can we write traditional approach for :- 1) Withdrew cash for personal use.​

Answer 1

Answer :⤵⤵

If an owner withdraws $1,000 for personal use, you need to create a debit entry for $1,000 in the drawings account for the owner, such as "John Smith, Drawings" or "John Smith, Drawing Cash." A corresponding credit entry is made in the "Cash" account. At the end of the year, the drawings account is closed out