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). Assets Accounts Ottice Cash Receivable Supplies + $35,000 + $7,500 $2,400 + Office Equip $33,000 - Electrical Equip. $16.500 - Liabilities Account Payable $23,000 Equity Larry Power, Capit 71400 During November, the following occurred: Nov.1 Rented office space and paid cash for the month's rent of 97.700. 3 Purchased electrical equipment for $23.000 Erom an electrical who was going out of business, by using $12,500 in personal fundo and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2.300 cash. Bov. 6 Completed electrical work and immediately collected $2.500 for doing the work. B Purchased $5,700 of orice equipment on credit. 15 Completed electrical work on credit to the amount of $6,500. 16 Interviewed and hired a part-time electrician who will be paid $5.00 each month. lle viti begin work in three weeks. 18 Purchased $1,500 of office supplies on credit. 20 Pald for the office equipment purchased on November 8. 24 lieda ei lent 35,050 tor electrical work the balance Le due in 30 days. 28 Roceived $6,500 for the work completed on November 15. 30 Vaid the office assistants anary of $4.900. 30 Tald the monthly utility b110 of 54.100. 30 Poves vithdrow $1.900 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 transactionlevent does not affect equity or do not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.) Assets Liabilitles Cash Accounts Recolvable Office Supplies Office Equip + Electrical Equip Accounts Payablo $ $ 35,000 7,700 7.500 - $ 2.400 $ 33,000 $16.500 Bal. Oct. 31 Nov. 1 3 3 $ 23,000 Equity (Larry Explanation of Power Equity Transaction Capital 3 71.400 7.700 Rent Expense 12.500 investment by owner No Affect on Equity 23.000 10.600 5 2.300 2,300 2,500 614 3 2.800 lectrical scared B 15 5.700 6.700 6,500 6.00 peta frescured Po Atecon Equity 10 18 1,500 1.600 8.700 5,700 5.000 5.050 8,500 6.500 20 24 25 30 30 30 4,900 4,100 1900 2400 4.000 4.100 1.000 W 350 30.00 000 S250 30- 30- 4,100 1,900 $ 17,400 44100 is Expense 1900 Withdrawal by owner 75 79,350 $ 12,550 $ 6,200 $ 38,700 $ 39,500 5 35.000 5 114,350 $ 114350
