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 $99,000 from a group of investors. 2. Bought $8,397 of merchandise, $3,583 for cash and $4,814 on account. 3. Sold merchandise for $20,000, of which $15,741 was for cash and $4,259 was on account; Cost of Goods Sold was 55% of sales. 4. Paid $3,367 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,170. 6. Collected $2,874 from customers on account. 7. Paid $6,000 for rent in advance. 4. What was the balance in the cash account on June 30 ? iries u/yy 5. What were total equities on June 30 ? Tries 0/99 6. What was net income in June [ignore adusting entries]
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