X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $98,000 from a group of investors. 2. Bought $8,621 of merchandise, $3,561 for cash and $5,060 on account. 3. Sold merchandise for $21,800, of which $17,546 was for cash and $4,254 was on account; Cost of Goods Sold was 52% of sales. 4. Paid $3,017 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,340. 6. Collected $2,843 from customers on account. 7. Paid $5,900 for rent in advance