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):

Assets

=

Liabilities

+

Equity

Cash

+

Accounts Receivable

+

Office Supplies

+

Office Equip.

+

Electrical Equip.

=

Accounts Payable

+

Larry Power, Capital

$44,000

+

$8,400

+

$3,300

+

$42,000

+

$21,000

=

$32,000

+

$86,700

During November, the following occurred: Nov. 1 Rented office space and paid cash for the months rent of $8,600. 3 Purchased electrical equipment for $32,000 from an electrician who was going out of business, by using $17,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $3,200 cash. Nov. 6 Completed electrical work and immediately collected $3,400 for doing the work. 8 Purchased $6,600 of office equipment on credit. 15 Completed electrical work on credit in the amount of $7,400. 16 Interviewed and hired a part-time electrician who will be paid $6,700 each month. He will begin work in three weeks. 18 Purchased $2,400 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,500 for electrical work; the balance is due in 30 days. 28 Received $7,400 for the work completed on November 15. 30 Paid the office assistants salary of $5,800. 30 Paid the monthly utility bills of $5,000. 30 Power withdrew $2,800 from the business for personal use. Required:

Complete the following table. Use additions and subtractions to show the effects of each November activity on the items in the equation. For 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. (Enter all amounts as positive values. If no entry is required for a transaction/event, select "No Entry Required" in the equity transaction field.)

Equity Larry Power Capital $ 86,700 Liabilities Assets Accounts Receivable Office Supplies Office Equip Electrical = Accounts Payable Explanation of Equity Transaction Cash Equip 32,000+ 44,000S 8.400 + $ 3.300 + $ 42.000 + $ 21.000 =| Bal. Oct. 31 Nov. 1 15 16 18 24 30 30 30