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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 $100,000 from a group of investors. 2. Bought $8,926 of merchandise, $3,230 for cash and $5,696 on account. 3 . Sold merchandise for $21,500, of which $16,940 was for cash and $4,560 was on account; Cost of Goods Sold was 51% of sales. 4. Paid $3,184 to suppliers for merchandise previously bought on account. 5. Paid waqes of $5,510. 6. Collected $2,505 from customers on account. 7. Paid $5,400 for rent in advance. 4. What were total liabilities on June 30 ? Answer Submitted: Your final submission will be graded after the Tries 1/99TriesPrevious due date. 5. What were total assets on June 30 ? Answer Submitted: Your final submission will be graded after the Tries 1/99TriesPrevious due date. 6. What was net income in June [ignore adusting entries]? Answer Submitted: Your final submission will be graded after the Tries 1/99TriesPrevious due date

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