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 $8,545 of merchandise, $3,210 for cash and $5,335 on account 3. sales were $40,700, of which $35,814 were for cash and $4,886 were on account; Cost of Goods Sold was $22,385 4. paid $3,124 to suppliers for merchandise previously bought on account 5. collected $2,590 from customers on account 6. paid expenses totalling $7,112 4. What were total assets on June 30? Tries 0/3 Submit Answer 5. What was Net Income in June? Tries 0/3 Submit