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

Borrowed $29,000 from a bank.

Bought equipment costing $10,100, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,600 next month.

Paid utility expenses of $5,032.

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

Paid back a previous loan for $3,440.

7. If the balance in the cash account on August 1 was $36,874, what was the cash balance on August 31?

A: $36,162

B: $42,309

C: $49,502

D: $57,917

E: $67,763

F: $79,283

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8. If total equities on August 1 were $71,974, what were total equities on August 31?

A: $70,934

B: $82,993

C: $97,102

D: $113,609

E: $132,923

F: $155,520

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