The Following Transactions Represent Part of the Activities of Tigger

question 22

Essay

The following transactions represent part of the activities of Tigger Company for the first month of its existence. Indicate the effect of each transaction upon the total assets of the business by one of the following phrases: increased total assets, decreased total assets, or no change in total assets.
(a) Issued ordinary shares in exchange for cash.
(b) Purchased a computer for cash.
(c) Purchased office equipment with money borrowed from the bank.
(d) Paid the first month's utility bill.
(e) Collected an accounts receivable.
(f) Paid dividends.

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Definitions:

Federal Income Taxes

Taxes levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

Time Clock

A device used to track the hours worked by employees, often used to calculate payroll.

Online Timesheets

Web-based tools or software used to record the number of hours worked by employees, facilitating payroll and project management.

Weekly Timesheet

A record used to track the number of hours worked by an employee or contractor in a week.