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

Borrowed $24,000 from a bank.

Bought equipment costing $9,900, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,100 next month.

Paid utility expenses of $5,533.

Purchased a $6,000, five-year insurance policy, paying for two years in advance.

Paid back a previous loan for $3,540.

7. If the balance in the cash account on August 1 was $37,376, what was the cash balance on August 31?

A: $6,881

B: $9,977

C: $14,467

D: $20,976

E: $30,416

F: $44,103

Tries 0/99

8. If total assets on August 1 were $72,032, what were total assets on August 31?

A: $62,799

B: $91,059

C: $132,036

D: $191,452

E: $277,605

F: $402,527