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    ROXY08's Avatar
    ROXY08 Posts: 4, Reputation: 1
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    #1

    Sep 23, 2014, 02:58 PM
    Chart of Accounts
    If there is no equity to classify a drawing account. Would you be able to use other current liabilities, or retained earnings? I am not sure how to classify the drawing account when there is no equity classification.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Sep 24, 2014, 12:35 AM
    Well drawings is a part of equity and if the account doesn't exist it should where the entity is a sole trader, retained earnings is part of equity but where is the contributed capital. Are you suggesting you don't actually have a double entry system?
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