X Company, a merchandiser, had the following transactions in August: 1. Borrowed $21,000 from a...
80.2K
Verified Solution
Link Copied!
Question
Accounting
X Company, a merchandiser, had the following transactions in August: 1. Borrowed $21,000 from a bank. 2. Bought equipment costing $9,300, paying the manufacturer $5,200 in cash and promising to pay the remaining $4,100 next month. 3. Paid utility expenses of $5,646. 4. Purchased a $5,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,440. 7. If the balance in the cash account on August 1 was $38,684, what was the cash balance on August 31 ? C: $91,244 D: $132,304 Tries 0/99 8. If total assets on August 1 were $70,401, what were total assets on August 31 ? C: $86,415 Tries 0/99
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.