X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Equities Accounts Payable Notes Payable $5,313 20,182 Assets Cash Accounts Receivable Inventory Prepayments Equipment Total Assets $35,224 5,805 12,274 3,050 62,129 $118,482 Paid-In Capital Retained Earnings Total Equities 55,503 37,484 $118,482 The following were the company's July transactions: 1. borrowed $28,000 from a bank 2. bought equipment costing $9,900, paying the manufacturer $5,300 in cash and signing a note for $4,600 3. purchased a $5,000, five-year insurance policy, paying for two years in advance 4. paid back a previous loan for $3,080 8 pt 16. What was the balance in the Cash account on July 31 [ignore adjusting entries)? 6. AO $52,844 BO $76,624 CO $111,105 DO $161,102 EO $233,597 FO $338,716 8 pt 7. What were total assets on July 31 [ignore adjusting entries)? 7. AO $148,002 BO $173,162 CO $202,600 DO $237,042 EO $277,339 FO $324,487