X Company, a merchandiser, had the following transactions in August:

Borrowed $25,000 from a bank.

Bought equipment costing $10,000, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,500 next month.

Paid a utility bill for $5,228.

Purchased a $5,000, five-year insurance policy, paying for three years in advance.

Received $2,399 from customers for merchandise that had to be ordered and would be delivered next month.

Paid back a previous loan for $3,510.

7. If the balance in the cash account on August 1 was $37,004, what was the balance on August 31?