For corporate work, everything you spend for the company goes to your shareholder loan account. It is part of the liability and equity section, but the shareholder loan is the correct account. All money that you take out of the company is also booked against the shareholder loan. If your shareholder loan ends up in a debit balance, which means you took out more money than you contributed, your company must issue you a T5 for other than eligible dividends for enough to get your loan back into a debit or nil balance. The money you take from your company is taxable. It is not appropriate to use accounts payable for shareholder transactions.
As far as the assets are concerned, they should each be in the $500 range to list them as assets to the company. The purchase price, including PST is the cost debited to assets and credited to shareholder loan. You would also have used your shareholder loan to purchase your shares of the company. Keep in mind also, that if you choose to make the items assets of the company, they are no longer yours. If you dissolve the company, you will have to buy them back at market value.
If this is the first year for your company, there may be a number of questions I can answer. Please ask.
