1. Decide on a restaurant that you have recently visited. My suggestion is to pick a locally owned restaurant; however, feel free to select any restaurant.
2. Think about your recent visit to the restaurant from step 1.
3. Think about the various accounts that the restaurant would have/need to operate and how they would fit within the basic accounting equation.
4. Create a list of accounts (essentially a chart of accounts) that your restaurant would have for accounting (and operating) purposes. The list should contain assets, liabilities, revenues, and expenses. For full credit, you should meet the minimum number of accountsfor each category as stated below. In addition, the notes/assumptions need to be considered and included in your accounting listing. a. Asset Accounts = 6 b. Liability Accounts = 4 c. Revenue Accounts = 2 d. Expense Accounts = 8 5. Summarize the account list by preparing a Memo
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