X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Cash $38,382 Accounts Receivable 5,771 Inventory 13,994 Prepayments 3,525 Equipment 68,805 Total Assets $130,477 Equities Accounts Payable Notes Payable $5,891 22,248 Paid-In Capital Retained Earnings Total Equities 66,027 36,311 $130,477 The following were the company's July transactions: 1. borrowed $24,000 from a bank 2. bought equipment costing $9,000, paying the manufacturer $5,000 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 $3,200 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)