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

Borrowed $25,000 from a bank.

Bought equipment that cost $9,200, paying the manufacturer $5,200 in cash and promising to pay the remaining $4,000 next month.

Paid utility expenses of $5,033.

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

Paid back a previous loan for $3,180.

7. If the balance in the cash account on May 1 was $35,657, what was the cash balance on May 31?

A: $17,877

B: $22,346

C: $27,932

D: $34,915

E: $43,644

F: $54,555

8. If total assets on May 1 were $72,889, what were total assets on May 31?

A: $50,844

B: $57,453

C: $64,922

D: $73,362

E: $82,899

F: $93,676