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 $97,000 from a group of investors. 2. Bought $8,469 of merchandise, $3,287 for cash and $5,182 on account. 3. Sold merchandise for $20,500, of which $15,829 was for cash and $4,671 was on account; Cost of Goods Sold was 57% of sales. 4. Paid $3,912 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,330. 6. Collected $2,806 from customers on account. 7. Paid $5,300 for rent in advance. 4. What was the balance in the cash account on June 30
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