Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $21,000 from a bank. 2. Bought equipment costing $10,200, paying the manufacturer $5,600 in cash and promising to pay the remaining $4,600 next month 3. Paid utility expenses of $5,938. 4. Purchased a $5,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,370. 7. If total liabilities on August 1 were $31,514, what were total liabilities on August 31 ? Tries 0/99 8. If total assets on August 1 were $70,612, what were total assets on August 31 ? Tries 0/99 Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $21,000 from a bank. 2. Bought equipment costing $10,200, paying the manufacturer $5,600 in cash and promising to pay the remaining $4,600 next month 3. Paid utility expenses of $5,938. 4. Purchased a $5,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,370. 7. If total liabilities on August 1 were $31,514, what were total liabilities on August 31 ? Tries 0/99 8. If total assets on August 1 were $70,612, what were total assets on August 31 ? Tries 0/99