X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July Assets Cash $38,952 $5,981 Equities Accounts Payable Notes Payable 5,118 24,422 Accounts Receivable Inventory 13,977 Prepayments 3,820 64,029 Paid-In Capital Retained Earnings Total Equipment 69,751 37,186 Total Assets $131,618 Equities $131,618 The following were the company's July transactions: 1. borrowed $27,000 from a bank 2. bought equipment costing $10,900, paying the manufacturer $6,000 in cash and signing a note for $4,900 3. purchased a $6,000, five-year insurance policy, paying for three years in advance 4. paid back a previous loan for $3,470 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]? (