Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $20,000 from a bank. 2. Bought equipment costing $10,200, paying the manufacturer $5,200 in cash and promising to pay the remaining $5,000 next month. 3. Paid utility expenses of $5,204. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,980. 7. If the balance in the cash account on August 1 was $39,597, what was the cash balance on August 31 ? B: $31,288 Tries 0/99 8. If total equities on August 1 were $71,890, what were total equities on August 31