Lab 3 Create your own word or excel template or write in your notebook to do the following problem. Problem 1-8AAnalyzing transactions LO5,7 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): Liablities Accounts Assets Accounts Office Cash Recolvable + Supplies + $30,000+ $7,000 + $1.900 + Office Equip $28,000 Electrical Equity Larry Power, + Equip. +$14,000 = Payable + $18,000 + Capital $62.900 During November, the following occurred: Nov. 1 Rented office space and paid cash for the months rent of $7,200. 3 Purchased electrical equipment for $18,000 from an electrician who was going out of business, by using $10,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $1,800 cash. Nov. 6 Completed electrical work and immediately collected $2,000 for doing the work. 8 Purchased $5,200 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,000. 16 18 Interviewed and hired a part-time electrician who will be paid $5,300 each month. He will begin work in three wooks. Purchased $1,000 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $4,800 for electrical work; the balance is due in 30 days. 28 Received $6,000 for the work completed on November 15. 30 Paid the office assistant's salary of $4,400. 30 Paid the monthly utility bills of $3,600. 30 Power withdrew $1,400 from the business for personal use. 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.