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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: Received...

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Accounting

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

Received $84,000 from a group of investors.

Bought $8,786 of merchandise, $3,901 for cash and $4,885 on account.

Sold merchandise for $21,000, of which $16,391 was for cash and $4,609 was on account; Cost of Goods Sold was 57% of sales.

Paid $3,367 to suppliers for merchandise previously bought on account.

Paid wages of $5,680.

Collected $2,924 from customers on account.

Paid $5,700 for rent in advance.image

4. What were total liabilities on June 30 ? B:$1,898C:$2,372D:$2,965E:$3,706F$4,633 Tries 0/99 5. What were total assets on June 30 ? Tries 0/99 6. What was net income in June [ignore adusting entries]? Answer Submitted: Your final submission will be graded after the due date. Tries 1/99 Previous Tries

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