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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 occounting equation format): During November, the following occurred: Nov. I Rented office space and paid cash for the month's rent of $8,700. 3 Purchased electrical equipnent for $33, pee from an electrician who was going out of business, by using $17,50 in personal funds and agreeing to pay the balance in 38 days. 5 Purchased office supplies by paying $3,30cash. 6 corpleted electrical work and imrediately collected $3,50 for doing the work. 8 Purchased $6,78 of office equiprent on credit. 15 corpleted electrical work on credit in the amount of $7,500. 16 Interviewed and hired a part-time electrician who will be paid $5, see each month. He will begin work in three wecks. 18 Purchased $2,50 of office supplies an credit. 20 Paid for the office equipment purchased on Novenber 8. 24 Billed a client $5,550 for electrical work; the balance is due in 30 days. 28 Received $7,5 se for the wark completed on November 15 . 30 Paid the office assistant's salary of $5,900. 30 Paid the manthly utility bills of $5,100. 3e Power withdrew $2, 99e 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 wos coused by an investment, a revenue, an expense, or a withdrowal. Determine the final total for esch item and verify that the equation is in balance. (Enter all amounts as positlve 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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