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 $8,655 of merchandise, $3,580 for cash and $5,075 on account. 3. Sold merchandise for $22,000, of which $17,193 was for cash and $4,807 was on account; Cost of Goods Sold was 57% of sales. 4. Paid $3,593 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,710. 6. Collected $2,647 from customers on account. 7. Paid $5,100 for rent in advance