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
accounts for 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
Example memo:
The memo should begin with an introduction (a short paragraph prior to the first formal heading that
explains the purpose of the memo and the type of restaueant you select). You are currently reading the
introduction to this memo. A memo does not begin with a salutation (Dear xx) in the same way a letter
would. For this memo, I would suggest something like “Based upon a recent visit to Local Restaurant
Name, a preliminary list of accounts that would be used for accounting purposes is included below.”
Asset Accounts
Asset Account 1
Asset Account 2
Asset Account 3
Asset Account 4
Asset Account 5
Asset Account 6
Liability Accounts
Liability Account 1
Liability Account 2
Liability Account 3
Liability Account 4
Liability Account 5
Revenue Accounts
Revenue Account 1
Revenue Account 2
Expense Accounts
Expense Account 1
Expense Account 2
Expense Account 3
Expense Account 4
Expense Account 5
Expense Account 6
Expense Account 7
Expense Account 8