Debit cash
Credit bank
You write a cash withdrawal as follows: debit cash ; credit bank.
Journal entry for opening a bank account
bank a/c to cash a/c
oct 31 Drawings ,Nancy 4500 Cash at bank 4500
Debit owner capitalCredit bank
You write a cash withdrawal as follows: debit cash ; credit bank.
Journal entry for opening a bank account
interest allowed by bank
bank a/c to cash a/c
No entry at the time of payment by bank and entry is recorded when bank reconciliation with bank and information arrive from bank.
oct 31 Drawings ,Nancy 4500 Cash at bank 4500
Debit owner capitalCredit bank
[Debit] Capital Account xxxx [Credit] Drawings xxxx
bank a/c dr to bank loan a/c
Debit cash / bankCredit loan from bank / bank overdraft
This kind of journal entry is called contra entry in which at both sides that is at debit side and credit side cash or bank is used.
Debit payrollCredit cash / bank