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thank you for your support X Company, a merchandiser, started business on...

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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 $97,000 from a group of investors. 2. Bought $8,010 of merchandise, $3,221 for cash and $4,789 on account. 3. Sold merchandise for $20,000, of which $15,340 was for cash and $4,660 was on account; Cost of Goods Sold was 55% of sales. 4. Paid $3,346 to suppliers for merchandise previously bought on account. 5. Paid wages of $5.180. 6. Collected $2,681 from customers on account. 7. Paid $5,400 for rent in advance. 4. What was the balance in the cash account on June 30 ? B: $67,499 C: $97,874 F: $298,381 Tries 0/99 5. What were total equities on June 30 ? B: $90,498 Tries 0/99

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