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X Company, a merchandiser, started business on June 1. The following were June transactions:
Received $88,000 from a group of investors.
Bought $8,222 of merchandise, $3,380 for cash and $4,842 on account.
Sold merchandise for $21,800, of which $17,451 was for cash and $4,349 was on account; Cost of Goods Sold was 57% of sales.
Paid $3,601 to suppliers for merchandise previously bought on account.
Paid wages of $5,700.
Collected $2,540 from customers on account.
Paid $5,400 for rent in advance.
4. What was the balance in the cash account on June 30?
5. What were total equities on June 30?
6. What was net income in June [ignore adusting entries]?
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