X Company, a merchandiser, started business on June 1. The following were June transactions: 1. Received $93,000 from a group of investors. 2. Bought $8,674 of merchandise, $3,695 for cash and $4,979 on account. 3. Sold merchandise for $20,400, of which $15,767 was for cash and $4,633 was on account; Cost of Goods Sold was 52% of sales. 4. Paid $3,183 to suppliers for merchandise previously bought on account. 5. Paid wages of $5,630. 6. Collected $2,859 from customers on account. 7. Paid $5,500 for rent in advance. 4. What were total liabilities on June 30? Submit Answer Tries 0/3 5. What were total assets on June 30? Submit Answer Tries 0/3 6. What was net income in June [ignore adusting entries]? Submit Answer Tries 0/3