X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $39,418 Accounts Payable Accounts Receivable 5,518 Notes Payable Inventory 11,581 Prepayments 3,737 Paid-In Capital Equipment 60,625 Retained Earnings Total Assets $120,879 Total Equities $5,454 24,150 57,485 33,790 $120,879 The following were the company's July transactions: 1. borrowed $27,000 from a bank 2. bought equipment costing $9,800, paying the manufacturer $5,100 in cash and signing a note for $4,700 3. purchased a $6,000, five-year insurance policy, paying for two years in advance 4. paid back a previous loan for $3,770 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