X Company prepares monthly financial statements. The following is the company's July ng is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Cash Equities $39,552 Accounts Payable $5,243 Accounts Receivable 5,731 Notes Payable 23.771 Inventory 11,731 Prepayments 3,522 Paid-In Capital 58,337 Equipment 60,259 Retained Earnings 33,444 Total Assets $120,795 Total Equities $120,795 The following were the company's July transactions: 1. borrowed $26,000 from a bank bought equipment costing $9,400, paying the manufacturer $5,000 in cash and signing a note for 3. purchased a $6,000, five-year insurance policy, paying for two years in advance 4. paid back a previous loan for $3,820 8 pt 6. What was the balance in the Cash account on July 31 [ignore adjusting entries)? 6. AO $12,291 BO $17,822 CO $25,842 DO $37,470 EO $54,332 FO $78,781 8 pt 7. What were total assets on July 31 [ignore adjusting entries)? 7. AO $110,808 BO $147,375 CO $196,009 DO $260,692 EO $346,720 FO $461,137 transactions and Co prepares monthly financial statements. Its accountant recorded the following October appropriate adjusting entries on October 31: 1. On October 1, the company paid rent for the final three months of the year. Rent was $1,500 per month. 2. On October 1. the company purchased equipment that cost $20.000, borrowing the full amount from a bank e equipment has a life of four years and a salvage value at that time of $2,000. The company will repay the loan ou December 31, along with interest at $152 per month. pt 8. What was the effect of the accountant's entries on total assets? AO $4,355 BO $5,793 CO 87.704 DO $10,246 EO $13,628 FO $18,125 9. AO S-2,027 What was the effect of the accountant's entries on Net Income in October? O 8-2,027 BO S-2,372 CO 8-2,775 DO S-3,246 EO $-3,798 FO 5-4,444 BOS2