CANADIAN COLLEGE OF

BUSINESS, SCIENCE & TECHNOLOGY

Assignment 1

1. Draw a table with 5 columns and identify clearly, the Assets, Liabilities, Revenues,
Expenses and Owner’s Equity Accounts.

Weight Equipment Note payable Delivery van

Utility Bill Expense Mortgage Payable Delivery Truck
Unearned revenue Miscellenous Expense Damaged Goods
Supplies Used/Expense Long-term equity investment Current Portion of Mortgage
Supplies Long-term debt investments Payable
Stationary Expense Land and Building CPP Payable
Short–term investment Inventories CPP Expense
Service Revenue Interest Revenue Computers and Printers
Sales Revenue Interest Receivable Computer
Sales Return & Allowance Interest Expense Commission Receivable
Salary Payable Insurance expense COGS
Salary Expense Income Tax Payable Cleaning Service Expense
Retained Earnings Income Tax Expense Cash
Repair & Maintenance HST Payable Car
Expense Good Will Building
Rent Expense Furniture Bank Loan
Purchases Return & Freight Out Bank
Allowance Freight In Bad Debt Reserve
Prepaid Rent First Aid Expense Bad Debt Expense
Prepaid Insurance Fee Earned Automobile
Premium Commission Exercise Equipment Assembly Expense
Revenue Equipment Amortization Expense
Postage Expense Electrician Expense Advertising expense
Petty Cash EI Payable Acountant Fees
Owner's Equity EI Expense Accumulated Amortization
Office supplies Drawings Accounts Receivable
Office equipment Discount Received Accounts Payable
Notes Receivable Discount Allowed

2. Indicate debit or credit in each cell.

Asset Liability Owner’s Equity Revenue Expense

Normal Balance
Transaction shows
increase
Transactions shows
decrease

Canadian College of Business, Science & Technology – Brampton Last Updated on: May 24, 2013