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  3. x company, a merchandiser, started business on jun

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

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Accounting

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X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $86,000 from a group of investors. 2. Bought $8,349 of merchandise, $3,790 for cash and $4,559 on account. 3. Sold merchandise for $22,200, of which $17,664 was for cash and $4,536 was on account; Cost of Goods Sold was 53% of sales. 4. Paid $3,834 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,260. 6. Collected $2,596 from customers on account. 7. Paid $5,800 for rent in advance. 4. What was the balance in the cash account on June 30? Tries 0/99 5. What were total assets on June 30 ? Tries 0/99

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