Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $30,000 from a bank. 2. Bought equipment costing $10,000, paying the manufacturer $5,700 in cash and promising to pay the remaining $4,300 next month. 3. Paid utility expenses of $5,844. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,960. 7. If total liabilities on August 1 were $30,371, what were total liabilities on August 31 ? Tries 0/99 8. If total assets on August 1 were $73,809, what were total assets on August 31