X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $39,986 Accounts Payable Accounts Receivable 5,356 Notes Payable Inventory 13,862 Prepayments 3,304 Paid-In Capital Equipment 69,280 Retained Earnings Total Assets $131,788 Total Equities $5,042 20,683 67,471 38,592 $131,788 The following were the company's July transactions: 1. borrowed $22,000 from a bank 2. bought equipment costing $9,900, paying the manufacturer $5,500 in cash and signing a note for $4,400 3. purchased a $5,000, five-year insurance policy, paying for two years in advance 4. paid back a previous loan for $3,070 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