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

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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 $83,000 from a group of investors. 2. Bought $8,340 of merchandise, $3,409 for cash and $4,931 on account. 3. Sold merchandise for $21,600, of which $17,393 was for cash and $4,207 was on account; Cost of Goods Sold was 52% of sales. 4. Paid $3,347 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,150. 6. Collected $2,712 from customers on account. 7. Paid $5,000 for rent in advance. 4. What was the balance in the cash account on June 30 ? \begin{tabular}{lll|l|l|} \hline & = & O D: $40,998 & E:$59,448 & F:$86,199 \\ \hline \end{tabular} Tries 0/99 5. What were total assets on June 30 ? \begin{tabular}{l|l} \hline C: $65,602 & D: $76,754 \\ \hline \end{tabular} F: $105,068 Tries 0/99 6. What was net income in June [ignore adusting entries]

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