Ace,Inc.had the Following Transactions During June

question 31

Multiple Choice

Ace,Inc.had the following transactions during June:
Performed services for $4,000 on account;received cash on account,$8,000;paid $900 for repair expense;paid $1,800 to a supplier that it owed from the previous month.What is the combined effect on Cash of the June transactions?

• A)$5,300 increase
• B)$5,300 decrease
• C)$8,000 increase
• D)$2,700 decrease

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Definitions:

Internal Controls

Processes and procedures implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Customer Transactions

All financial transactions between a business and its customers, including sales, returns, and payments.

QBO

QuickBooks Online, a cloud-based accounting software solution for small to medium-sized businesses.

Internal Controls

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.