Ace Ltd had the following transactions in June: sold goods for $2000 on account;received cash on account,$4000;paid $600 for repair expense;paid $2000 to a supplier that it owed from the previous month.What is the combined effect on Cash of the June transactions?

Question

Quizplus · Accepted Answer

The cash account increased by $4000 from cash received on account and decreased by $600 for repair expenses and $2000 for payment to a supplier, resulting in a net increase of $1400.

Ace Ltd Had the Following Transactions in June: Sold Goods