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 $8,773 of merchandise, $3,988 for cash and $4,785 on account. 3. Sold merchandise for $20,800, of which $15,816 was for cash and $4,984 was on account; Cost of Goods Sold was 58% of sales. 4. Paid $3,164 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,520. 6. Collected $2,695 from customers on account. 7. Paid $5,700 for rent in advance. 4. What was the balance in the cash account on June 30 ? [B:$49,262][C Tries 0/99