Table 1-3 Ace Builders Had the Following Transactions in June: Earned $4,000

question 16

Multiple Choice

Table 1-3
Ace Builders had the following transactions in June: earned $4,000 "on account" that will be collected in cash next month; 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 cash to a supplier that it owed from the previous month; paid out $800 in cash withdrawals to the owner.
-For Ace Builders, what is the combined effect on owner's capital from the June transactions?

• A)Up $2,700
• B)Up $3,500
• C)Up $4,500
• D)Down $800

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Definitions:

Stamp Act

A 1765 British law imposing a tax on the colonies requiring them to pay a stamp duty on documents, newspapers, and playing cards, leading to widespread protest.

Stamp Act

A law enacted by the British Parliament in 1765 requiring the use of stamped paper for legal documents, newspapers, and playing cards in the American colonies, which was a direct tax that provoked colonial opposition.

Age of Revolution

A period from approximately 1774 to 1849 during which numerous significant revolutions occurred across the globe, including the American, French, and Industrial Revolutions.

French Revolution

A period of far-reaching social and political upheaval in France and its colonies beginning in 1789, which fundamentally changed the course of French history.