Ace Builders had the following transactions in June: Earned $4 000 'on credit;' collected $3 000 from a customer which 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 Cash of the June transactions?

Question

Quizplus · Accepted Answer

The Answer of Ace Builders had the following transactions in June: Earned $4 000 'on credit;' collected $3 000 from a customer which 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 Cash of the June transactions?

Ace Builders Had the Following Transactions in June: Earned $4