X Company, a merchandiser, had the following transactions in August: 1. Borrowed $29,000 from a bank. 2. Bought equipment costing $10,400, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,900 next month. 3. Paid utility expenses of $5,942. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,460. 7. If the balance in the cash account on August 1 was $39,402, what was the cash balance on August 31 ? B: $51,100 Tries 0/99