X Company, a merchandiser, had the following transactions in August: Borrowed $23,000 from a bank....
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X Company, a merchandiser, had the following transactions in August:
Borrowed $23,000 from a bank.
Bought equipment costing $9,700, paying the manufacturer $5,600 in cash and promising to pay the remaining $4,100 next month.
Paid utility expenses of $5,813.
Purchased a $5,000, five-year insurance policy, paying for two years in advance.
Paid back a previous loan for $3,810.
7. If the balance in the cash account on August 1 was $35,925, what was the cash balance on August 31?
| A: $41,702 | B: $47,123 | C: $53,249 | D: $60,172 | E: $67,994 | F: $76,833 |
| Tries 0/99 |
8. If total equities on August 1 were $72,212, what were total equities on August 31?
| A: $67,435 | B: $89,689 | C: $119,286 | D: $158,651 | E: $211,006 | F: $280,638 |
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