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
