X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $39,470 Accounts Payable $5,774 Accounts Receivable 5,873 Notes Payable 21,982 Inventory 14,719 Prepayments 3,991 Paid-In Capital 63,600 Equipment 60,490 Retained Earnings 33,187 Total Assets $124,543 Total Equities $124,543 The following were the company's July transactions: 1. borrowed $26,000 from a bank 2. bought equipment costing $10,200, paying the manufacturer $5,400 in cash and signing a note for $4,800 3. purchased a $6,000, five-year insurance policy, paying for three years in advance 4. paid back a previous loan for $3,040 6. What was the balance in the Cash account on July 31 [ignore adjusting entries]? Submit Answer Tries 0/3 7. What were total assets on July 31 [ignore adjusting entries]? Submit Answer Tries 0/3