and prepares monthly foancial statemests The ioloning is ite balance sheet at the begining of a Balance Sheet July 1 Equities Assets Cash Accounts Receivable Inventory Prepaid Rent $50,064 Accounts Payable 31,004 Notes Payable 857,213 30,721 79,058 ,09 Paid-In Capital 203,485 Retained Earnings 220,456 60,316 $368,706 $368,706 Total Equities Total Assets The following summary transactions occurred during July 1. Sold stock to investors for $40,000 2 Bonowed $25,000 from a bank and paid off a $11,000 bank loan. . Bought $8,140 of merchandise from suppliers, paying $3,572 and promising to pay the rest in Angust Bought equipament for $37,900 from a manufacturer, paying $4,100 and promising to pay the rest in September. S. Paid $2,754 to suppliers that it bought merchandise from in June. 6 Sold merchandise, receiving $17.811 cash and promises from customers to pay $4,359, the merchandise that was sold ost $11,08S and was purchased earlier in July 7. Paid S589 for rent in advance S. Received $2.687 from customers who purchased merchandise last month 9. Paid wages and other miscellaneous expenses totaling $5,010. Note: Ignore adjusting entries. Sp. What was the cash balance on July 317 8pts. What were total equities on July 317 5. AO $237,770 BO $297,213 CO $371,516 EO $580,494 DO $464,395 FO S725,617 pts. What was Net Income in July? 6. AO S4,860 BO S6,075 cO S7,594 DO $9,492 EO S11,865 FO $14,832