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

Borrowed $28,000 from a bank.

Bought equipment costing $10,200, paying the manufacturer $5,900 in cash and promising to pay the remaining $4,300 next month.

Paid utility expenses of $5,968.

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

Paid back a previous loan for $3,010.

7. If the balance in the cash account on August 1 was $35,484, what was the cash balance on August 31?