X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:

Balance Sheet

July 1

Assets		Equities
Cash	$35,910	Accounts Payable	$5,985
Accounts Receivable	5,116	Notes Payable	21,290
Inventory	13,047
Prepayments	3,864	Paid-In Capital	66,555
Equipment	68,773	Retained Earnings	32,880
Total Assets	$126,710	Total Equities	$126,710

The following were the company's July transactions:

1. borrowed $29,000 from a bank
2. bought equipment costing $10,500, paying the manufacturer $5,900 in cash and signing a note for $4,600
3. purchased a $6,000, five-year insurance policy, paying for three years in advance
4. paid back a previous loan for $3,080

X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Accounts Payable Notes Payable $35,910 5,116 13,047 3,864 68,773 $126,710 Cash $5,985 21,290 Accounts Receivable Inventory Prepayments Equipment Paid-In Capital Retained Earnings Total Equities 66,555 32,880 $126,710 Total Assets The following were the company's July transactions: 1. borrowed $29,000 from a bank 2. bought equipment costing $10,500, paying the manufacturer $5,900 in cash and signing a note for $4,600 3. purchased a $6,000, five-year insurance policy, paying for three years in advance 4. paid back a previous loan for $3,080 6. What was the balance in the Cash account on July 31 [ignore adjusting entries]? Tries 0/3 Submit Answer 7. What were total assets on July 31 [ignore adjusting entries]? Tries 0/3 Submit