X Company, a merchandiser, had the following transactions in August: Borrowed $22,000 from a bank....
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X Company, a merchandiser, had the following transactions in August:
Borrowed $22,000 from a bank.
Bought equipment costing $10,500, paying the manufacturer $5,500 in cash and promising to pay the remaining $5,000 next month.
Paid utility expenses of $5,237.
Purchased a $6,000, five-year insurance policy, paying for two years in advance.
Paid back a previous loan for $3,110.
7. If total liabilities on August 1 were $31,643, what were total liabilities on August 31?
8. If total assets on August 1 were $70,135, what were total assets on August 31?
Need 7 and 8 for thumbs up
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