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

Borrowed $30,000 from a bank.

Bought equipment costing $9,700, paying the manufacturer $5,500 in cash and promising to pay the remaining $4,200 next month.

Paid utility expenses of $5,890.

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

Paid back a previous loan for $3,800.

7. If total liabilities on August 1 were $30,739, what were total liabilities on August 31?

A: $52,256

B: $61,139

C: $71,533

D: $83,693

E: $97,921

F: $114,568

Answer Submitted: Your final submission will be graded after the due date.

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8. If total equities on August 1 were $73,299, what were total equities on August 31?

A: $59,988

B: $67,787

C: $76,599

D: $86,557

E: $97,809

F: $110,524

Answer Submitted: Your final submission will be graded after the due date.

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