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
Correct Answer:

Verified
Correct Answer:
Verified
Q122: Ace Builders had the following transactions in
Q123: A not-for-profit organization has owners just like
Q124: Which of the following concepts (or principles)would
Q125: A business receives a bill for services
Q126: In an LLC,the business,not the owners,is responsible
Q128: Scott's Camera Shop started the year with
Q129: Beginning owner's capital was $25,000.Ending owner's capital
Q130: Sharon Samson starts a plumbing service named
Q131: Hamilton Lawn Service earned $1,000 for services
Q132: Managerial accounting focuses on information for decision