I wondering if anyone could help me with this: the owner used an S corp card to pay for some groceries by mistake. The person who was working on the book classified it as Owner's Pay & Personal Expense (an Equity account)...On the balance sheet, the amounts are negative there. I am trying to clean it up a bit, by reducing the Owner's investment account (an equity), but would like some confirmation about which account to debit or credit.
Any assistance would be appreciated;
Thanks