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

Borrowed $25,000 from a bank.

Bought equipment costing $10,600, paying the manufacturer $5,900 in cash and promising to pay the remaining $4,700 next month.

Paid utility expenses of $5,997.

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

Paid back a previous loan for $3,010.

7. If total liabilities on August 1 were $32,521, what were total liabilities on August 31?

A: $30,316

B: $37,895

C: $47,369

D: $59,211

E: $74,014

F: $92,517

8. If total equities on August 1 were $74,333, what were total equities on August 31?

A: $40,391

B: $53,720

C: $71,448

D: $95,026

E: $126,385

F: $168,091