Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $22,000 from a bank. 2. Bought equipment costing $10,000, paying the manufacturer $5,300 in cash and promising to pay the remaining $4,700 next month. 3. Paid utility expenses of $5,040. 4. Purchased a $5,000, ive-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,870. 7. If the balance in the cash account on August 1 was $38,130, what was the cash balance on August 31