Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $99,000 from a group of investors. 2. Bought

image text in transcribed

X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $99,000 from a group of investors. 2. Bought $8,397 of merchandise, $3,583 for cash and $4,814 on account. 3. Sold merchandise for $20,000, of which $15,741 was for cash and $4,259 was on account; Cost of Goods Sold was 55% of sales. 4. Paid $3,367 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,170. 6. Collected $2,874 from customers on account. 7. Paid $6,000 for rent in advance. 4. What was the balance in the cash account on June 30 ? iries u/yy 5. What were total equities on June 30 ? Tries 0/99 6. What was net income in June [ignore adusting entries]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

5th Edition

0130906999, 978-0130906991

More Books

Students also viewed these Accounting questions

Question

Is there administrative support?

Answered: 1 week ago

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago