X Company, a merchandiser, had the following transactions in August: 1. Borrowed $27,000 from a bank. 2. Bought equipment costing $10,600, paying the manufacturer $5,700 in cash and promising to pay the remaining $4,900 next month. 3. Paid utility expenses of $5,126. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,350. 7. If the balance in the cash account on August 1 was $37,775, what was the cash balance on August 31? Submit Answer Tries 0/3 8. If total assets on August 1 were $74,660, what were total assets on August 31? Submit Answer Tries 0/3