X Company, a merchandiser, had the following transactions in August: 1. Borrowed $30,000 from a bank. 2. Bought equipment costing $9,200, paying the manufacturer $5,100 in cash and promising to pay the remaining $4,100 next month. 3. Paid utility expenses of $5,025. 4. Purchased a $6,000, five-year insurance policy, paying for two years in advance. 5. Paid back a previous loan for $3,560