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): + Cash $40,000 Accounts Receivable $8,000 Assets Office + Supplies $2,900 office Equip. $38,000 + Electrical Equip $19,000 Liabilities Accounts Payable $28,000 Equity Larry Power, Capital $79,900 . + During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $8,200 3 Purchased electrical equipment for $28,000 from an electrician who was going out of business, by using $15,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2,800 cash. Nov. 6 Completed electrical work and immediately collected $3,000 for doing the work. 8 Purchased $6,200 of office equipment on credit. 15 Completed electrical work on credit in the amount of $7,000. 16 Interviewed and hired a part-time electrician who will be paid $6,300 each month. He will begin work in three weeks. 18 Purchased $2,000 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,300 for electrical work; the balance is due in 30 days. 28 Received $7,000 for the work completed on November 15. 30 Paid the office assistant's salary of $5,400. 30 Paid the monthly utility bills of $4,600. 30 Power withdrew $2,400 from the business for personal use