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

Borrowed $22,000 from a bank.

Bought equipment costing $10,400, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,900 next month.

Paid utility expenses of $5,953.

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

Paid back a previous loan for $3,350.

7. If the balance in the cash account on August 1 was $37,553, what was the cash balance on August 31?

A: $32,696

B: $36,947

C: $41,750

D: $47,178

E: $53,311

F: $60,241

Tries 0/99

8. If total assets on August 1 were $71,893, what were total assets on August 31?