Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $29,000 from a bank. 2. Bought equipment costing $9,400, paying the manufacturer $5,000 in cash and promising to pay the remaining $4,400 next month. 3. Paid utility expenses of $5,069. 4. Purchased a $5,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,580. 7. If the balance in the cash account on August 1 was $36,067, what was the cash balance on August 31 ? \begin{tabular}{|l|l|l|l|} \hline \( \bar{\hline} \) & C:$36,101 & D:$42,238 & F:$57,819 \\ \hline \end{tabular} Tries 0/99 8. If total assets on August 1 were $70,364, what were total assets on August 31 ? Tries 0/99