Financial Accounting Homework Help

Posted on 2014-01-17 13:38:00 in Accounting by DANIEL

I am doing a "Corrected Unadjusted Trial Balance" and one of the errors is as follows: A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. What is the debit and or credit out of this? What is the fix? Does it increase or decrease capital? Please somebody help.

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