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

Borrowed $22,000 from a bank.

Bought equipment costing $10,400, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,900 next month.

Paid utility expenses of $5,953.

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

Paid back a previous loan for $3,350.

7. If the balance in the cash account on August 1 was $37,553, what was the cash balance on August 31?

A: $32,696

B: $36,947

C: $41,750

D: $47,178

E: $53,311

F: $60,241

Answer Submitted: Your final submission will be graded after the due date.

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8. If total assets on August 1 were $71,893, what were total assets on August 31?

A: $70,084

B: $79,195

C: $89,490

D: $101,124

E: $114,270

F: $129,125