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How to show items withdrawn for personal use?

SmallZebraGuySmallZebraGuy Member Posts: 1

Hi,

I am selling books from my website. Some books were given as gifts, and I want to know the correct journal transaction.

Currently, I have entered the transaction as a Debit on Owner Drawings/Investment and Credit against Inventory.

However, I feel that this is not correct as my inventory is not reduced by the amount of the gifted books. Would appreciate any tips.

in Accounting Technical Support
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