Do you know someone that owns a business? If so, what type of business is it? Service, Merchandising or Manufacturing? If possible find out what accounts they use to record their transactions.

If the above does not apply perhaps you are thinking of setting up your own business. Think about what accounts you will need to use.

Required:

Using either a word document or a page of an excel workbook, list the names of the asset, liability and owner's equity accounts, your business would use.

Note: The business should have at least 5 asset, 3 liability and 8 owner's equity (with 2 being, owner's name, capital and owner's name, drawings) accounts. Don't forget revenue and expense accounts are considered to be a part of owner's equity as they are used to record current period activity that the owner's equity.