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  • RE: Linking Equity Accounts

    I have a few questions in the same line... When the Owner decides to take money out of the account for personal use this is how I was told to enter the transaction: 1060 Bank Credit $1000 3015 Owners Withdrawals Debit $1000 Am I doing this…

  • really small sole proprietor cleaning business

    Good Morning all, I have a little dilemma here on my hands and I don't know how to solve it. Here what it is: Small Cleaning business with 1 deposit to Business Chequing Account per month. One transfer of GST and 20% Provision for Income tax to…

  • Sole Proprietor - Year End Question

    My client is a sole proprietor. What adjustments are required to the Owner's Draw account at the end of December? Do I clear out this account at year end so it's back at zero in January? If so, where does it get posted to? Thanks.

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