Ace Inc. had the following transactions in June: Sold goods for $4,000 on account; received cash on account, $5,000; paid $800 for repair expense; paid $2,000 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

Ace Inc. received $5,000 in cash and paid out $800 and $2,000, resulting in a net increase of $2,200 in cash.

Ace Inc Had the Following Transactions in June: Sold Goods for for $4,000