Q1 The following is the general ledger summary for Akiko's Sushi Bar after posting transactions for...

 

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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 Required: a) Prepare a trial balance from the balances in the general ledger summary of Akiko's Sushi Bar as at 31 July 2022. (11 marks) b) Discuss the limitations of a trial balance. (2 marks) c) Describe the difference between a trial balance and a balance sheet. (2 marks) 24,450 9,350 200,000 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 Required: a) Prepare a trial balance from the balances in the general ledger summary of Akiko's Sushi Bar as at 31 July 2022. (11 marks) b) Discuss the limitations of a trial balance. (2 marks) c) Describe the difference between a trial balance and a balance sheet. (2 marks) 24,450 9,350 200,000

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