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Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and
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): Liabilities Accounts Cash $46,000+ Accounts Receivable $8,600 Assets office Supplies $3,500 Office Equip. + $44,000+ Electrical Equip. $22,000 Payable. $34,000 Equity Larry Power, Capital 100,100 During November, the following occurred: Nov. 1 Kented office space and paid cash for the month's rent of $8,800. 3 Purchased electrical equipment for $34,000 from an electrician who was going out of business, by using $18,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $3,400 cash. 6 Completed electrical work and immediately collected $3,600 for doing the work. 8 Purchased $6,800 of office equipment on credit. 15 Completed electrical work on credit in the amount of $7,600. 16 Interviewed and hired a part-time electrician who will be paid $6,900 each month. He will begin work in three weeks. 18 Purchased $2,600 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,600 for electrical work; the balance is due in 30 days. 28 Received $7,600 for the work completed on November 15. 30 Paid the office assistant's salary of $6,000. 30 Paid the monthly utility bills of $5,200. 30 Power withdrew $3,000 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, select 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 the transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transection' field.) 4. equity transaction held.) Cash Accounts Receivable Assets Liabilities . Equity Office Supplies Office Equip + Electrical Equip Accounts Payable Larry Power, Capital Bal Oct 31+ $46.000+ $ 8.600+ $ 3,500 $ 44,000+ $ 22,000 $ 34,000 $ 90.100 Nov 11 3 3 5 6 B 15 10 10 20 24 28 30 30 30 Noub Explanation of Equity Transaction
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