ABC Delivery Service Had the Following Transactions in June: Earned

question 127

Multiple Choice

ABC Delivery Service had the following transactions in June: Earned $4,000 cash for services rendered; collected $2,500 from a customer "on account;" paid out $200 cash for plumbing services; received $3,500 of supplies and promised to pay one month later; paid out $1,000 in cash drawings to the owner.
-What is the combined effect on Owner's capital of the June transactions?

• A) Up $2,800
• B) Down $300
• C) Down $6,300
• D) Up $5,300

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Definitions:

Ocular Lens

A transparent structure in the eye that, along with the cornea, helps to refract light to be focused on the retina.

Objective Lens

The lens in a microscope closest to the specimen that helps to magnify the image of the object being observed.

Objective Lens

A critical component in microscopes that gathers light from the specimen and focuses it to create a real image.

Lumen

The interior space or cavity of a hollow organ or structure such as a blood vessel or intestine.