Originally Posted by rambookkeeping
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Lily, quick question, why would you CR the owners equity account? I have never heard of this before. Wouldn't you DR the expense account and CR the cash account? Then when you want to reimburse the "petty cash" fund, you would DR petty cash and CR cash for the reimbursement. Maybe I AM missing something. Thanx for the input.
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Whoops! Good Catch, Rachelle! I DID list those backwards. Boy - egg on MY face! Thanks for fixing this (every bookkeepers nightmare is reversed entries!)