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

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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Question

Please help me

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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