Ace Builders had the following transactions in June: Earned $4,000 "on account;" collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 to a supplier that it owed from the previous month; paid out $800 in cash drawings to the owner. What is the combined effect on Owner's capital of the June transactions? Yanıtınız: O Down $1,500 O Down $5,700 O Up $500 O Down $4,500

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ace Builders had the following transactions in June: Earned $4,000 "on account;" collected $3,000 from a customer that was owed from a previous month;
incurred $500 of repair expense and paid cash to the repairman; paid $1,200 to a supplier that it owed from the previous month; paid out $800 in cash drawings to
the owner. What is the combined effect on Owner's capital of the June transactions?
Yanıtınız:
Down $1,500
O Down $5,700
O
O
Up $500
Down $4,500
Transcribed Image Text:Ace Builders had the following transactions in June: Earned $4,000 "on account;" collected $3,000 from a customer that was owed from a previous month; incurred $500 of repair expense and paid cash to the repairman; paid $1,200 to a supplier that it owed from the previous month; paid out $800 in cash drawings to the owner. What is the combined effect on Owner's capital of the June transactions? Yanıtınız: Down $1,500 O Down $5,700 O O Up $500 Down $4,500
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