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:

Equilibrium Price

The cost at which the volume of goods available equals the volume desired by buyers in the market.

Equilibrium Quantity

The quantity of a good or service demanded and supplied at the equilibrium price, where market supply and demand balance each other.

Bushels

A unit of volume used primarily in agriculture to measure quantities of grain, fruit, or other produce.

Equilibrium Level

The point at which market supply and demand balance each other, and as a result, prices become stable.