Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. x company, a merchandiser, started business on jun

X Company, a merchandiser, started business on June 1 . The following were June transactions:...

90.2K

Verified Solution

Question

Accounting

image

X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $81,000 from a group of investors. 2. Bought $8,655 of merchandise, $3,580 for cash and $5,075 on account. 3. Sold merchandise for $22,000, of which $17,193 was for cash and $4,807 was on account; Cost of Goods Sold was 57% of sales. 4. Paid $3,593 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,710. 6. Collected $2,647 from customers on account. 7. Paid $5,100 for rent in advance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students