Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in accounting equation format): Liabilities Accounts + Assets Accounts Cash $30,000+ + Receivable + $7,000 + Office Office Supplies + Equip. + $1,900 + $28,000 Electrical Equip. $14,000 = $18,000 + + = Payable + Equity Larry Power, Capital $62,900 During November, the following occurred: Nov. Nov. 1 Rented office space and paid cash for the month's 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. 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 Interviewed and hired a part-time electrician who will be paid $5,300 each month. He will begin work in three weeks. 18 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.