Ace Builders Had the Following Transactions in June: Earned $4,000

question 85

Multiple Choice

Ace Builders had the following transactions in June: Earned $4,000 "on account;" 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 Cash of the June transactions?

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

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Definitions:

Fully Configured

A state where a system, device, or software has been set up with all necessary components and settings for it to function as intended.

Communication Links

The physical or logical connections between communicating devices or systems, allowing data transfer.

Physical Plant Operations

Activities and tasks focused on the maintenance and management of the physical facilities, infrastructure, and assets of an organization.

Auditing

The systematic examination and evaluation of records or financial accounts to ensure accuracy and adherence to established standards.