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

Borrowed $27,000 from a bank.

Bought equipment costing $10,200, paying the manufacturer $5,200 in cash and promising to pay the remaining $5,000 next month.

Paid utility expenses of $5,064.

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

Paid back a previous loan for $3,450.

7. If the balance in the cash account on August 1 was $39,844, what was the cash balance on August 31?

A: $27,072

B: $31,674

C: $37,059

D: $43,359

E: $50,730

F: $59,354

8. If total assets on August 1 were $70,231, what were total assets on August 31?

A: $80,100

B: $93,717

C: $109,649

D: $128,289

E: $150,098

F: $175,615