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

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X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $92,000 from a group of investors. 2. Bought $8,218 of merchandise, $3,651 for cash and $4,567 on account. 3. Sold merchandise for $20,600, of which $15,639 was for cash and $4,961 was on account; Cost of Goods Sold was 58% of sales. 4. Paid $3,534 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,200. 6. Collected $2,514 from customers on account. 7. Paid $5,200 for rent in advance. 4. What was the balance in the cash account on June 30? Tries 0/99

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