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Larry Power started a new business in the name of Power Electrical on October 1 , 2 0 2 3 . During October, a number

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):
Assets = Liabilities + Equity
Cash + Accounts Receivable + Office Supplies + Office Equip. + Electrical Equip. = Accounts Payable + Larry Power, Capital
$37,000+ $7,700+ $2,600+ $35,000+ $17,500= $25,000+ $74,800
During November, the following occurred:
Nov. 1 Rented office space and paid cash for the months rent of $7,900.
3 Purchased electrical equipment for $25,000 from an electrician who was going out of business, by using $13,500 in personal funds and agreeing to pay the balance in 30 days. Hint: Reminder to record the impact of the owner's deposit of cash in the business before recording the purchase of the equipment.
5 Purchased office supplies by paying $2,500 cash.
6 Completed electrical work and immediately collected $2,700 for doing the work.
8 Purchased $5,900 of office equipment on credit.
15 Completed electrical work on credit in the amount of $6,700.
16 Interviewed and hired a part-time electrician who will be paid $6,000 each month. He will begin work in three weeks.
18 Purchased $1,700 of office supplies on credit.
20 Paid for the office equipment purchased on November 8.
24 Billed a client $5,150 for electrical work; the balance is due in 30 days.
28 Received $6,700 for the work completed on November 15.
30 Paid the office assistants salary of $5,100.
30 Paid the monthly utility bills of $4,300.
30 Power withdrew $2,100 from the business for personal use.

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