Questions 4, 5, and G refer to the following balance sheet and transactions:webs x Compauy is a merchandiser and prepares monthly financial statements. The following is its balance shet at the beginning of July Balance Sheet July 1 Assets Cash Accounts Receivable Inventory Prepaid Rent Equipment Total Assets Equities $53,177 Accounts Payable 34,323 Notes Payable 79,905 $54,029 34,149 5,524 Paid-In Capital 221,108 Retained Earnings 239,285 66,574 $394,037 $394,037 Total Equities The following summary transactions occurred during July 1. Sold stock to investors for $42,000. 2. Borrowed $30,000 from a bank and paid off a $15,000 bank loan 3. Bought $8,118 of merchandise from suppliers, paying $3,960 and promising to pay the rest in August 4. Bought equipment for $39,500 from a manufacturer, paying $4,100 and promising to pay the rest in September 5. Paid $3,153 to suppliers that it bought merchandise from in June. 6. Sold merchandise, receiving $15,896 cash and promises from customers to pay $4,504; the merchandise that was sold cost $10,200 and was purchased earlier in July 7. Paid $580 for rent in advance. 8. Received $3,370 from customers who purchased merchandise last month. 9. Paid wages and other miscellaneous expenses totaling $5,680 Note: Ignore adjusting entries 8p. What was the cash balance on July 317 45,863 BO $57,329 CO $71,661 DO $89,576 EO $111,970 FO $139.962 8 pts. What were total equities on July 31? 5. AO $301,730 BO $340,954 CO $385,278 DO $435,365 O$491,962 FO $555,917 8pto. What was Net Income in July? 6. AO $2,772 BO $3,133 CO $3,540 DO $4.000 EO 4,520 FO S5,108