X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $38,617 Accounts Payable Accounts Receivable 5,255 Notes Payable Inventory 10,675 Prepayments 3,335 Paid-In Capital Equipment 62,694 Retained Earnings Total Assets $120,576 Total Equities $5,823 20,837 60,336 33,580 $120,576 The following were the company's July transactions: 1. borrowed $28,000 from a bank 2. bought equipment costing $9,500, paying the manufacturer $5,500 in cash and signing a note for $4,000 3. purchased a $5,000, five-year insurance policy, paying for two years in advance 4. paid back a previous loan for $3,530 6. What was the balance in the Cash account on July 31 [ignore adjusting entries]? Tries 0/3 7. What were total assets on July 31 [ignore adjusting entries]? * Tries 0/3