Larry Power started a new business in the name of Power Electrical on October 1, 2017. During October, a number of activities occurred and the following totals resulted at October 31, 2017 (shown in accounting equation format) LiabilitiesEquity OfficeElectrical Accounts Larry Power Cash + Receivable + Supplies + Equip. + Equip. Payable + Capital $37.000 7.700 $2,600 +$35,000$17.500$25,000$74,800 During November, the following occurred Nov. 1 Rented office space and paid cash for the month's rent of $7,900 3 5 6 8 Purchased $5,900 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,700 16 Interviewed and hired a part-time electrician who will be paid $6,000 each month. He will begin work in three weeks 18 Purchased $1,700 of office supplies on credit 20 Paid for the office equipment purchased on November 8 24 Billed a client $5,150 for electrical work; the balance is due in 30 days. 28 Received $6,700 for the work completed on November 15. 30 Paid the office assistant's salary of $5,100 30 Paid the monthly utility bills of $4,300 30 Power withdrew $2,100 from the business for personal use Purchased electrical equipment for $25,000 from an electrician who was going out of business, by using $13,500 in personal funds and agreeing to pay the balance in 30 days. Purchased office supplies by paying $2,500 cash Completed electrical work and immediately collected $2,700 for doing the work Nov