X Company, a merchandiser, had the following transactions in August: 1. Borrowed $20,000 from a bank. 2. Bought equipment costing $9,500, paying the manufacturer $5,400 in cash and promising to pay the remaining $4,100 next month. 3. Paid utility expenses of $5,951. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,190. 7. If total liabilities on August 1 were $30,509, what were total liabilities on August 31 ? Tries 0/99 8. If total assets on August 1 were $71,840, what were total assets on August 31 ? Tries 0/99