X Company was created on September 1 and prepares monthly financial statements. During September, X Company 1. issued stock to investors for $87,000, 2. borrowed $92,000 from a bank, 3. bought merchandise that it planned to sell, paying $3,487 and promising to pay $5,017 in October, 4. bought equipment, paying $5,400 and promising to pay $4,600 in December, 5. paid $3,866 that it had promised to pay to suppliers for previous purchases on account, 6, sold merchandise, receiving cash of $17,202 and promises to pay from customers of $4,448; the merchandise that was sold had cost $10,825, 7. paid off a loan for $3,310 [ignore interest], 8. received $2,869 from customers who had promised to pay, 9. paid $5,290 for wages, utilties, and other miscellaneous expenses. 4. What were total assets on September 30 [assume no adjusting entries on September 30]? Submit Answer Tries 0/2 5. What was Net Income in September [assume no adjusting entries on September 30]? Submit Answer Tries 0/2