Team Instructions: Divide the Class into Teams of Three or Four

question 46

Essay

Team Instructions: 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,along with the annual report that they used.All team members will receive the same grade.
Part A: Enter the June 2012 transactions and adjustments for Tim's Tams,Inc.in the accounting equation below.
1.June 1 Collected $10,000 of accounts receivable from May sales
2.June 6 Paid $5,000 of its accounts payable from May purchases
3.June 6 Paid $600 cash for supplies.
4.June 8 Purchased 1,000 caps for $6,350 on account
5.June 30 During June,Tim's Tams sold 1,000 baseball caps for $10 each on account.Cost of goods sold was $6,320.
6.June 30 Tim's Tams declared and paid a $4,000 cash dividend to its shareholder.
7.June 30 Adjusted for insurance used during the month.Recall that on May 1,Tim's paid $600 for 3 months of insurance coverage.
8.June 30 Counted the office supplies and found that $400 of supplies have not been used.
11.June 30 Recorded interest on the $16,000,4-month,6% note payable for the month Part D: Part E: Part F: The following information from April and May might be useful in answering some of the questions below:

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