X Company, a merchandiser, had the following transactions in August: 1. Borrowed $21,000 from a bank. 2. Bought equipment costing $9,500, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,000 next month. 3. Paid utility expenses of $5,960. 4. Purchased a $5,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,320. 7. If the balance in the cash account on August 1 was $39,901, what was the cash balance on August 31?