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

1, Borrowed $30,000 from a bank.

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

3. Paid utility expenses of $5,346.

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

Paid back a previous loan for $3,390.

7. If the balance in the cash account on August 1 was $39,999, what was the cash balance on August 31?

A: $52,663

B: $61,616

C: $72,090

D: $84,346

E: $98,685

F: $115,461

Tries 0/99

8. If total assets on August 1 were $71,586, what were total assets on August 31?

A: $52,566

B: $59,400

C: $67,122

D: $75,848

E: $85,708

F: $96,850