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 $43,000 $8,300 $3,200 $41,000 $20,500 $31,000 $85,000 During November, the following occurred Nov 1 Rented office space and paid cash for the months rent of $8,500 3 Purchased electrical equipment for $31,000 from an electrician who was going out of business, by using $16,500 in personal funds and agreeing to pay the balance in 30 days 5 Purchased office supplies by paying $3,100 cash 6 Completed electrical work and immediately collected $3,300 for doing the work 8 Purchased $6,500 of office equipment on credit 15 Completed electrical work on credit in the amount of $7,300 16 Interviewed and hired a part time electrician who will be paid $6,600 each month He will begin work in three weeks 18 Purchased $2,300 of office supplies on credit 20 Paid for the office equipment purchased on November 8 24 Billed a client $5,450 for electrical work the balance is due in 30 days 28 Received $7,300 for the work completed on November 15 30 Paid the office assistants salary of $5,700 30 Paid the monthly utility bills of $4,900 30 Power withdrew $2,700 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 transaction event does not affect equity or does not require a journal entry, select No Affect on Equity in the 'Explanation of equity transaction' field )

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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

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

$43,000

$8,300

$3,200

$41,000

$20,500

$31,000

$85,000

During November, the following occurred:

Nov.	1	Rented office space and paid cash for the months rent of $8,500.
	3	Purchased electrical equipment for $31,000 from an electrician who was going out of business, by using $16,500 in personal funds and agreeing to pay the balance in 30 days.
	5	Purchased office supplies by paying $3,100 cash.
	6	Completed electrical work and immediately collected $3,300 for doing the work.
	8	Purchased $6,500 of office equipment on credit.
	15	Completed electrical work on credit in the amount of $7,300.
	16	Interviewed and hired a part-time electrician who will be paid $6,600 each month. He will begin work in three weeks.
	18	Purchased $2,300 of office supplies on credit.
	20	Paid for the office equipment purchased on November 8.
	24	Billed a client $5,450 for electrical work; the balance is due in 30 days.
	28	Received $7,300 for the work completed on November 15.
	30	Paid the office assistants salary of $5,700.
	30	Paid the monthly utility bills of $4,900.
	30	Power withdrew $2,700 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 transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)