X Company, a merchandiser, had the following transactions in August: 1. Borrowed $20,000 from a bank. 2. Bought equipment costing $9,300, paying the manufacturer $5,100 in cash and promising to pay the remaining $4,200 next month. 3. Paid utility expenses of $5,525. 4. Purchased a $5,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,410. 7. If total liabilities on August 1 were $33,525, what were total liabilities on August 31 ? [B:$39,678C:$46,423D:$54,315[1 Tries 0/99 8. If total equities on August 1 were $74,379, what were total equities on August 31 ? C: $42,637 D: $61,823