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

X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:
Balance Sheet
July 1
Assets Equities
Cash $35,434 Accounts Payable $5,395
Accounts Receivable 5,618 Notes Payable 22,519
Inventory 14,313
Prepayments 3,011 Paid-In Capital 62,008
Equipment 63,027 Retained Earnings 31,481
Total Assets $121,403 Total Equities $121,403

The following were the company's July transactions:
borrowed $26,000 from a bank
bought equipment costing $10,300, paying the manufacturer $5,600 in cash and signing a note for $4,700
purchased a $6,000, five-year insurance policy, paying for two years in advance
paid back a previous loan for $3,420

1.What was the balance in the Cash account on July 31 [ignore adjusting entries]?
2. What were total assets on July 31 [ignore adjusting entries]?

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ekkarill92 answered 1 year ago
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