Questions 4, 5, and 6 refer to the following information: x Company, a merchandiser, started business on June 1. The following were June transactions 1. Received $81,000 from a group of investors. 2. Bought $8,963 of merchandise, $3,871 for cash and S5,092 on account. 3, sold merchandise for $22,500, of which S18,324 was for cash and 176 was on account; Cost of Goods sold was 53% of sales. dise previously bought on account. 5, Paid wages of $5,600. 6. Collected $2,816 from customers on account. 7. Paid $5,000 for rent in advance