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

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