..l Freedom 11:27 PM Lab 3 Problem 1-8A Analyzing t... Problem 1-8AAnalyzing transactions L05,7 Xcel CHECK FIGURE: Accounts payable balance, November 30, 2017 = $27,000 Larry Power, Capital balance, November 30, 2017 = $69,100 Larry Power started a new business in the name of Power Electrical on October 1, 2017. During October, a number of activities occurred and the following totals resulted at October 31, 2017 (shown in accounting equation format): omce Accounts Office Cash + Recevable + Supplies Equip 530,000 57.000 + 31,000 + 528.000 Electrical + + 314,000 Accounts Payable 318.000 E Larry Power Capital 562.900 + + Click here for a description of Accounting equation: Problem 1-8A. During November, the following occurred: Purchased electrical equipment for $18.000 from an electrician who was gong out of business, by using NOV NOY Fotod office space and paid case for the montres rent of $7.200 a $10,000 in personal funds and agreeing to pay the balance in 30 days 5 Purchased office supplies by paying $1,800 cash 0 Completed lectrical work and media cocted $2,000 torcoing the work B Purchased $5.200 of orice aquapent on crean 15 Completed electrica work on credit in the amount of 56,000 16 orion and Prod a part time sectician who will be paid 55.300 each month. He will begin work in troo wool 19 Purchased $1.000 of Ottice supposonca 20 Paid for the office equipment purchased on November 24 Bed a client 54,800 for electrical won the bacances in 30 days 28 Received $6.000 for the work completed on November 15 30 Paid the orice assistants of $4.400 30 Paid the moment dels of $3.600 30 Powo withdrow $1.400 from the business for personal use. Click here for a description of List: Problem 1-8A. Page 65 Required Use additions and subtractions to show the effects of each November activity on the items in the equation. Do not determine new totals for the items of the equation after each transaction. Next to each change in equity, state whether the change was caused by an investment, a revenue, an expense, or a withdrawal. Determine the final total for each item and verify that the equation is in balance. Analysis Component: Revenue is not recorded on November 28. Explain, using your understanding of GAAP. Problem 1-8A Excel template