by Lori
(Denver, Co, US)
I have a Sole Proprietorship business for aviation maintenance/repair service only. No sales, no parts, no employees.
The business has one checking account and one bank loan on the hangar I work out of. Is below correct at all?
Bank/Cash Acct - asset
Opening balance - equity account
Retained earnings - equity account
Owners equity account
sub acct Owners draw
sub acct Owners contributions
Hangar long term liability account
sub acct Mtg payable
sub acct Mtg interest expense account
Hangar asset acct
Current liability accounts
expense accounts
Revenue/Income acct
other income acct
Fixed assets/depreciation
other assets/notes receivable
Contributions acct
Allocation of 1/4 est taxes to owners draw
account
Please advise,
Thanks!
L
Comments for Sole Proprietorship Chart of Accounts
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