X Company started business on June 1 and prepares monthly financial statements. The following were June transactions: received $44,000 from a group of investors bought $8,717 of merchandise, $3,644 for cash and $5,073 on account sales were $41,100, of which $36,894 were for cash and $4,206 were on account; Cost of Goods Sold was $23,016 paid $3,249 to suppliers for merchandise previously bought on account collected $2,944 from customers on account paid expenses totalling $6,972