Tsz Yeung Printers ledger accounts are listed below:
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1. Accounts Payable 2. Accounts Receivable 3. Buildings 4. Cash at Bank 5. Electricity Account Payable 6. GST Payable 7. GST Receivable 8. Insurance Expense 9. Interest Expense 10. Interest Receivable 11. Interest Revenue 12. Land 13. Loan Payable |
14. Mortgage Payable 15. Prepaid Insurance 16. Printing Equipment 17. Rent Revenue 18. Service Fee Revenue 19. Sundry Revenue 20. Supplies on Hand 21. Supplies Used 22. Tsz Yeung, Capital 23. Tsz Yeung, Drawings 24. Unearned Revenue 25. Wages Expense 26. Wages Payable |
Required
A. For each account listed below, complete a solution form as shown below by placing a tick in the proper columns to indicate the type of account, the side of a T account on which increases are recorded, and the side on which normal balances are recorded.
B. Prepare an appropriate chart of accounts for the business. Use the following digits for account classes: assets, 1; liabilities, 2; equity, 3; income, 4; expenses, 5. Within each category, assign a 3-digit code for each account.
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