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 $45,000 + $8,500 + $3,400 + $43,000 + $21,500 = $33,000 + $88,400 During November, the following occurred: Nov. 1 Rented office space and paid cash for the months rent of $8,700. 3 Purchased electrical equipment for $33,000 from an electrician who was going out of business, by using $17,500 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $3,300 cash. 6 Completed electrical work and immediately collected $3,500 for doing the work. 8 Purchased $6,700 of office equipment on credit. 15 Completed electrical work on credit in the amount of $7,500. 16 Interviewed and hired a part-time electrician who will be paid $6,800 each month. He will begin work in three weeks. 18 Purchased $2,500 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,550 for electrical work; the balance is due in 30 days. 28 Received $7,500 for the work completed on November 15. 30 Paid the office assistants salary of $5,900. 30 Paid the monthly utility bills of $5,100. 30 Power withdrew $2,900 from the business for personal use.