Divide the Class into Teams of Three or Four People

question 124

Essay

Divide the class into teams of three or four people.Each team member should work the following problem separately outside of class.Then give the students time in class to compare answers with their teammates and put together a final,correct copy of the problem.Each team should turn in only one copy of the problem for grading.All team members will receive the same grade.
Part A: Enter Tim's Tams,Inc.'s May transactions and adjustments in the accounting equation.
1.May 1 Paid $600 cash for 3 months of insurance coverage beginning May 1.
2.May 2 Collected $8,000 from customers for sales made in April.
3.May 6 Paid $7,200 of accounts payable from April purchases.
5.May 8 Paid $300 cash for supplies.
7.May 31 Tim's Tams declared and paid a $400 cash dividend to its shareholder.
10.May 31 Counted the office supplies and found that $100 of supplies have not been used. Part D: Complete the financial statement. Part E: Complete the financial statement. Part F: Using the Tim's Tam financial satatements,answer the following:

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Definitions:

Shipped On Time

The process of delivering goods to their destination by the promised time frame.

Ease Of Doing Business

An index that measures the regulatory environment of a country and its impact on the ability to start, operate, and close a business.

Customer Relationship Management

A strategy for managing an organization's relationships and interactions with customers and potential customers.

Customer Satisfaction

The degree to which a product or service meets or exceeds customer expectations.