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Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions...

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Questions 7&8 refer to the following information: X Company, a merchandiser, had the following transactions in August: 1. Borrowed $27,000 from a bank. 2. Bought equipment costing $9,900, paying the manufacturer $5,800 in cash and promising to pay the remaining $4,100 next month 3. Paid utility expenses of $5,087. 4. Purchased a $6,000, five-year insurance policy, paying for three years in advance. 5. Paid back a previous loan for $3,490. 7. If total liabilities on August 1 were $33,675, what were total liabilities on August 31 ? Tries 0/99 8. If total equities on August 1 were $74,367, what were total equities on August 31

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