X Company, a merchandiser, started business on June 1 . The following were June transactions:...
80.2K
Verified Solution
Link Copied!
Question
Accounting
X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $86,000 from a group of investors. 2. Bought $8,349 of merchandise, $3,790 for cash and $4,559 on account. 3. Sold merchandise for $22,200, of which $17,664 was for cash and $4,536 was on account; Cost of Goods Sold was 53% of sales. 4. Paid $3,834 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,260. 6. Collected $2,596 from customers on account. 7. Paid $5,800 for rent in advance. 4. What was the balance in the cash account on June 30? Tries 0/99 5. What were total assets on June 30 ? Tries 0/99
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
