Q1 The following is the general ledger summary for Akiko's Sushi Bar after posting transactions for the month of July 2022: Account Title Cash at Bank Account Number 1-100 102,300 Accounts Receivable 1-110 Supplies 1-120 Kitchen Equipment 1-130 Motor Vehicle 1-140 18,000 Accounts Payable 2-100 68,000 Akiko, P. Capital 3-100 250,000 Service Revenue 4-100 47,300 Rent Expense 5-100 3,100 Supplies Expense 5-110 8,100 24,450 9,350 200,000 Required: a) Prepare a trial balance from the balances in the general ledger summary of Akiko's Sushi Bar as at 31 July 2022. ( b) Discuss the limitations of a trial balance. c) Describe the difference between a trial balance and a balance sheet
Q1 The following is the general ledger summary for Akiko's Sushi Bar after posting transactions for the month of July 2022: Account Title Cash at Bank Account Number 1-100 102,300 Accounts Receivable 1-110 Supplies 1-120 Kitchen Equipment 1-130 Motor Vehicle 1-140 18,000 Accounts Payable 2-100 68,000 Akiko, P. Capital 3-100 250,000 Service Revenue 4-100 47,300 Rent Expense 5-100 3,100 Supplies Expense 5-110 8,100 24,450 9,350 200,000 Required: a) Prepare a trial balance from the balances in the general ledger summary of Akiko's Sushi Bar as at 31 July 2022. ( b) Discuss the limitations of a trial balance. c) Describe the difference between a trial balance and a balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Q1
The following is the general ledger summary for Akiko's Sushi Bar after posting transactions for the
month of July 2022:
Account Title
Cash at Bank
Account $
Number
1-100
102,300
Accounts Receivable 1-110
24,450
Supplies
1-120
9,350
Kitchen Equipment
1-130
200,000
Motor Vehicle
1-140 18,000
Accounts Payable
2-100 68,000
Akiko, P. Capital
3-100
250,000
Service Revenue
4-100
47,300
Rent Expense
5-100
3,100
Supplies Expense 5-110 8,100
Required:
a) Prepare a trial balance from the balances in the general ledger summary of Akiko's Sushi Bar as at
31 July 2022. (
b) Discuss the limitations of a trial balance.
c) Describe the difference between a trial balance and a balance sheet
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