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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 During October, a number of activities occurred and the following totals resulted at October shown in accounting equation format:
Assets Liabilities Equity
Cash Accounts Receivable Office Supplies Office Equip. Electrical Equip. Accounts Payable Larry Power, Capital
$ $ $ $ $ $ $
During November, the following occurred:
Nov. Rented office space and paid cash for the months rent of $
Purchased electrical equipment for $ from an electrician who was going out of business, by using $ in personal funds and agreeing to pay the balance in days. Hint: Reminder to record the impact of the owner's deposit of cash in the business before recording the purchase of the equipment.
Purchased office supplies by paying $ cash.
Completed electrical work and immediately collected $ for doing the work.
Purchased $ of office equipment on credit.
Completed electrical work on credit in the amount of $
Interviewed and hired a parttime electrician who will be paid $ each month. He will begin work in three weeks.
Purchased $ of office supplies on credit.
Paid for the office equipment purchased on November
Billed a client $ for electrical work; the balance is due in days.
Received $ for the work completed on November
Paid the office assistants salary of $
Paid the monthly utility bills of $
Power withdrew $ from the business for personal use.
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