X Company, a merchandiser, had the following transactions in May: Borrowed $25,000 from a bank....
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X Company, a merchandiser, had the following transactions in May:
Borrowed $25,000 from a bank.
Bought equipment that cost $9,200, paying the manufacturer $5,200 in cash and promising to pay the remaining $4,000 next month.
Paid utility expenses of $5,033.
Purchased a $6,000, five-year insurance policy, paying for three years in advance.
Paid back a previous loan for $3,180.
7. If the balance in the cash account on May 1 was $35,657, what was the cash balance on May 31?
| A: $17,877 | B: $22,346 | C: $27,932 | D: $34,915 | E: $43,644 | F: $54,555 |
8. If total assets on May 1 were $72,889, what were total assets on May 31?
| A: $50,844 | B: $57,453 | C: $64,922 | D: $73,362 | E: $82,899 | F: $93,676 |
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