Ace Builders had the following transactions in June: Earned $4,000 "on account" collected $3,000 from a customer which 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? Your answer: Up $500 Down $5,700 Down $2,700 Up $4,500 Clear answer Back Next Came Tacks Pause test