X Company started business on June 1 and prepares monthly financial statements. The following were June transactions:

1. received $46,000 from a group of investors
2. bought $8,423 of merchandise, $3,026 for cash and $5,397 on account
3. sales were $41,400, of which $36,729 were for cash and $4,671 were on account; Cost of Goods Sold was $21,942
4. paid $3,675 to suppliers for merchandise previously bought on account
5. collected $2,776 from customers on account
6. paid expenses totalling $6,706

X Company started business on June 1 and prepares monthly financial statements. The following were June transactions: 1. received $46,000 from a group of investors 2. bought $8,423 of merchandise, $3,026 for cash and $5,397 on account 3. sales were $41,400, of which $36,729 were for cash and $4,671 were on account; Cost of Goods Sold was $21,942 4. paid $3,675 to suppliers for merchandise previously bought on account 5. collected $2,776 from customers on account 6. paid expenses totalling $6,706 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