X Company started business on June 1 and prepares monthly financial statements. The following were June transactions: 1. received $49,000 from a group of investors 2. bought $8,777 of merchandise, $3,335 for cash and $5,442 on account 3. sales were $40,800, of which $36,213 were for cash and $4,587 were on account; Cost of Goods Sold was $22,032 4. paid $3,201 to suppliers for merchandise previously bought on account 5. collected $2,505 from customers on account 6. paid expenses totalling $9,888 4. What were total assets on June 30? Submit Answer Tries 0/3 5. What was Net Income in June? Submit Answer Tries 0/3