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

question 29

Multiple Choice

Ace Builders had the following transactions in June: Earned $4 000 'on credit;' 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 Owners' equity of the June transactions?

• A)Up $2 700
• B)Down $2 700
• C)Down $5 700
• D)Down $4 500

---

Definitions:

Social Impact

The effect an organization's actions have on the well-being of the community or society at large, encompassing both positive and negative consequences.

Political Impact

The influence or effect that political actions, decisions, or events have on the governance, policy, or societal conditions of a community, region, or country.

Slavery

is a system in which people are owned by others, deprived of personal freedom and compelled to perform labor or services.

Abraham Lincoln

The 16th President of the United States, known for leading the country during the Civil War and issuing the Emancipation Proclamation.