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

1. Borrowed $24,000 from a bank.

2. Bought equipment costing $9,700, paying the manufacturer $5,000 in cash and promising to pay the remaining $4,700 next month.

3. Paid utility expenses of $5,562.

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

5. Paid back a previous loan for $3,860.

7. If the balance in the cash account on August 1 was $39,272, what was the cash balance on August 31?

A: $19,190

B: $23,987

C: $29,984

D: $37,480

E: $46,850

F: $58,562

8. If total assets on August 1 were $74,969, what were total assets on August 31?

A: $68,849

B: $80,553

C: $94,247

D: $110,269

E: $129,015

F: $150,947