X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $92,000 from a group of investors. 2. Bought $8,750 of merchandise, $3,090 for cash and $5,660 on account. 3. Sold merchandise for $21,000, of which $16,979 was for cash and $4,021 was on account; Cos of Goods Sold was 58% of sales. 4. Paid $3,572 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,310. 6. Collected $2,567 from customers on account. 7. Paid $5,700 for rent in advance