Solved
Owners Equity vs Owners Capital when closing Owners Draw Account
When doing year end closing of an owners draw account for a sole proprietorship, should the other side of the entry go into owner equity, or owner capital? Looking at other sites, they almost use them interchangeably, but I know they are not the same. The COA for this company currently only has an owners equity, so I am guessing to use it. Just wondering if someone could clarify a bit for me. Thanks!