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the life of the business. However, a sole proprietorship's life normally is not known, so accountants expense start-up and organization costs as they incurred. Transaction 4: on July 3, A. White withdrew $1,500 from the business bank account to a personal account. Analysis: The journal entry to record the start-up and organization cost for the accounting period - Decrease the asset account, Cash $1,500 with a credit. - Decrease the Owner's equity account Withdrawals Cash, with a debit. J Comment: Withdrawals are assets that the owner takes out of the business. In this case, the assets of the business decrease, as does the owner's equity in the business. Summary of transactions of White Design Studio: General Ledger After recording daily transactions about the formation of White Design Studio and posting the amount to the ledger, a trial balance can be prepared