X Company started business on June 1 and prepares monthly financial statements. The following were June transactions: 1. received $42,000 from a group of investors 2. bought $8,301 of merchandise, $3,992 for cash and $4,309 on account 3. sales were $42,000, of which $37,339 were for cash and $4,661 were on account; Cost of Goods Sold was $23,100 4. paid $3,679 to suppliers for merchandise previously bought on account 5. collected $2,711 from customers on account 6. paid expenses totalling $8,374 4. What were total assets on June 30? Submit Answer Tries 0/3 5. What was Net Income in June