X Company, a merchandiser, had the following transactions in August:

Borrowed $20,000 from a bank.

Bought equipment costing $9,900, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,400 next month.

Paid a utility bill for $5,012.

Purchased a $5,000, five-year insurance policy, paying for three years in advance.

Received $2,130 from customers for merchandise that had to be ordered and would be delivered next month.

Paid back a previous loan for $3,550.

7. If the balance in the cash account on August 1 was $35,681, what was the balance on August 31?

8. If total assets on August 1 were $73,886, what were total assets on August 31?