X Company, a merchandiser, had the following transactions in August: 1. Borrowed $24,000 from a bank. 2. Bought equipment costing $10,600, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,800 next month. 3. Paid utility expenses of $5,421. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,300. 7. If total liabilities on August 1 were $31,510, what were total liabilities on August 31 ? Tries 0/99 8. If total assets on August 1 were $71,720, what were total assets on August 31