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

Borrowed $20,000 from a bank.

Bought equipment costing $10,200, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,400 next month.

Paid utility expenses of $5,010.

Purchased a $6,000, five-year insurance policy, paying for three years in advance.

Paid back a previous loan for $3,650.

7. If total liabilities on August 1 were $34,052, what were total liabilities on August 31?

A: $17,958

B: $22,447

C: $28,059

D: $35,073

E: $43,842

F: $54,802

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

Tries 1/99

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8. If total assets on August 1 were $71,147, what were total assets on August 31?

A: $28,471

B: $35,589

C: $44,486

D: $55,608

E: $69,510

F: $86,887

Tries 0/99

Please help! Thank you so much