X Company, a merchandiser, started business on June 1 . The following were June transactions: 1. Received $87,000 from a group of investors. 2. Bought $8,921 of merchandise, $3,843 for cash and $5,078 on account. 3. Sold merchandise for $22,500, of which $18,175 was for cash and $4,325 was on account; Cost of Goods Sold was 56% of sales. 4. Paid $3,131 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,050. 6. Collected $2,656 from customers on account. 7. Paid $5,100 for rent in advance. 4. What was the balance in the cash account on June 30 ? Tries 0/99 5. What were total assets on June 30 ? Tries 0/99