Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in accounting equation format): During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,700. 3 Purchased electrical equipment for $23,000 from an electrician who was going out of business, by using $12,500 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2,300 cash. 6 Completed electrical work and immediately collected $2,500 for doing the work. 8 Purchased $5,700 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,500. 16 Interviewed and hired a part-time electrician who will be paid $5,800 each month. He will begin work in three weeks. 18 Purchased $1,500 of office supplies on credit. 20 Paid for the office equipment purchased on November 8 . 24 Billed a client $5,050 for electrical work; the balance is due in 30 days. 28 Received $6,500 for the work completed on November 15 . 30 Paid the office assistant's salary of $4,900. 30 Paid the monthly utility bills of $4,100. 30 Power withdrew $1,900 from the business for personal use. Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in accounting equation format): During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,700. 3 Purchased electrical equipment for $23,000 from an electrician who was going out of business, by using $12,500 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2,300 cash. 6 Completed electrical work and immediately collected $2,500 for doing the work. 8 Purchased $5,700 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,500. 16 Interviewed and hired a part-time electrician who will be paid $5,800 each month. He will begin work in three weeks. 18 Purchased $1,500 of office supplies on credit. 20 Paid for the office equipment purchased on November 8 . 24 Billed a client $5,050 for electrical work; the balance is due in 30 days. 28 Received $6,500 for the work completed on November 15 . 30 Paid the office assistant's salary of $4,900. 30 Paid the monthly utility bills of $4,100. 30 Power withdrew $1,900 from the business for personal use