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X Company, a merchandiser, had the following transactions in August:
Borrowed $24,000 from a bank.
Bought equipment costing $9,900, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,100 next month.
Paid utility expenses of $5,533.
Purchased a $6,000, five-year insurance policy, paying for two years in advance.
Paid back a previous loan for $3,540.
7. If the balance in the cash account on August 1 was $37,376, what was the cash balance on August 31?
| A: $6,881 | B: $9,977 | C: $14,467 | D: $20,976 | E: $30,416 | F: $44,103 |
8. If total assets on August 1 were $72,032, what were total assets on August 31?
| A: $62,799 | B: $91,059 | C: $132,036 | D: $191,452 | E: $277,605 | F: $402,527 |
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