(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
other income acct
other assets/notes receivable
Allocation of 1/4 est taxes to owners draw
Comments for Sole Proprietorship Chart of Accounts
Click here to add your own comments
Join in and write your own page! It's easy to do. How? Simply click here to return to Chart of Accounts Questions.
Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.