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Acorn Food Ltd is a Chinese restaurant chain that operates an all you can eat...

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Accounting

Acorn Food Ltd is a Chinese restaurant chain that operates an all you can eat buffet restaurant. Customers pay a fixed fee to enter the restaurant, where they can eat all they can, but are not allowed to carry out any meals. The restaurant is open all year round, and has been in operation for the past seven years. It is located on the hip strip in New Kingston. Sales were on the decline during COVID-19, however since the lifting of the COVID restrictions; customer numbers are increasing at approximately 15% each year. Cash sales 1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued. This information is transferred electronically to the accounts office. 2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by two accounts clerks and banked on a daily basis. 3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office. 4. Total cash received

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