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In: AccountingX Company started business on June 1 and prepares monthlyfinancial statements. The following were June...X Company started business on June 1 and prepares monthlyfinancial statements. The following were June transactions:received $45,000 from a group of investorsbought $8,413 of merchandise, $3,920 for cash and $4,493 onaccountsales were $42,400, of which $38,115 were for cash and $4,285were on account; Cost of Goods Sold was $23,744paid $3,785 to suppliers for merchandise previously bought onaccountcollected $2,571 from customers on accountpaid expenses totalling $8,2224. What were total assets on June 30? 5. What was Net Income inJune?
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