Balance Sheet

                                                July 1

Assets		Equities
Cash	$37,504	Accounts Payable	$5,597
Accounts Receivable	5,251	Notes Payable	24,393
Inventory	14,842
Prepayments	3,199	Paid-In Capital	59,466
Equipment	61,801	Retained Earnings	33,141
Total Assets	$122,597	Total Equities	$122,597

The following were the company's July transactions:

1. borrowed $26,000 from a bank
2. bought equipment costing $10,200, paying the manufacturer $5,800 in cash and signing a note for $4,400
3. purchased a $5,000, five-year insurance policy, paying for three years in advance
4. paid back a previous loan for $3,520

6. What was the balance in the Cash account on July 31 [ignore adjusting entries]?

7. What were total assets on July 31 [ignore adjusting entries]

Answer rating: 100% (QA)

Solution To find the balance in the Cash account on Ju... View the full answer