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): + Cash $48,000 + Accounts Assets Office Receivable + Supplies + $8,800 Office Equip. + + $3,700 + $46,000 + During November, the following occurred: Electrical Equip. $23,000 pen = Liabilities + Accounts Payable + $36,000 + Nov. 1 Rented office space and paid cash for the month's rent of $9,000. 3 Purchased electrical equipment for $36,000 from an electrician who was going out of business, by using $19,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $3,600 cash. 6 Completed electrical work and immediately collected $3,800 for doing the work. 8 Purchased $7,000 of office equipment on credit. 15 Completed electrical work on credit in the amount of $7,800. Equity Larry Power, Capital $93,500 16 Interviewed and hired a part-time electrician who will be paid $7,100 each month. He will begin work in three weeks. 18 Purchased $2,800 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,700 for electrical work; the balance is due in 30 days. 28 Received $7,800 for the work completed on November 15. 30 Paid the office assistant's salary of $6,200. 30 Paid the monthly utility bills of $5,400. 30 Power withdrew $3,200 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
Lary 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): During November, the following occurred: Nov, 1 -Rented office space and paid cash for the nonth's rent of $9,6e0. 1. Purchased electrical equipment for $36,000 fron an electrickan who was going out of business, by using 519,000 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $3,600 cash. 6 Completed electrical work and immediately collected $3, 8ee for doing the work. 8. Purchased $7,000 of office equipment on credit. 15 Completed electrical work on credit in the anount of $7,890. 16 Interviewed and hired a part-tine electricion who will be paid \$7, 109 each month. He will begin work in three weeks. 18 Purchased 52, B99 of office supplies on credit. 20 Paid for the office equipsent purchased on Noyember 8 . 24 Billed a client $5,700 for electrical work; the balance is due in 39 days. 28 Received 57,800 for the work completed on Novenber 15. 30 Paid the office assistant's salary of $6,200. To Paid the monthly utility bi 11 s of $5,400. 30. Power withdres $3,200 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 withdiawal Determine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive volues. If the vansaction/avent does not affect equity or does not require a journal entry, select "No Affect on Equity" in the "Explanntion of Lary Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of actlivites occurred and the following totals resulted at October 31,2023 (shown in accounting equation format): During November, the following occurred: Nov, 1 . Aented office space and paid cash for the month's rent of $9,6e9. 3 Purchased electrical equipment for $36,000 fron an electrician who was going out of business, by using $19,600 in personal funds and agreeing to pay the balance in 30 days. 5. Purchased office supplies by paying $3,600 cash. 6 Completed electrical work and immediately collected 53 ,8e0 for doing the work. 8. Purchased $7,000 of office equipment on credit. 15 completed electrical work on credit in the amount of $7,800. 16 Interyiewed and hired a part-tine electrician who will be paid $7,109 each month. He will begin work in three weeks. 18 Purchased 52,899 of office supplies on credit. 20 Paid for the office equipnent purchased on November 8. 24. Billed a client $5,70 for electeical work; the balance is due in 30 days. 7d Received $7,800 for the work conpleted on Novenber 15. 30 Paid the office assistant's salary of $6,209. 10 Paid the monthly utility bil1s of $5,400. 30. Pover withdees $3,200 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 withdiawat Determine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive volues. If the tronsaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the "Explanntion of Lary Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of actlivites occurred and the following totals resulted at October 31,2023 (shown in accounting equation format): During November, the following occurred: Nov, 1 . Aented office space and paid cash for the month's rent of $9,6e9. 3 Purchased electrical equipment for $36,000 fron an electrician who was going out of business, by using $19,600 in personal funds and agreeing to pay the balance in 30 days. 5. Purchased office supplies by paying $3,600 cash. 6 Completed electrical work and immediately collected 53 ,8e0 for doing the work. 8. Purchased $7,000 of office equipment on credit. 15 completed electrical work on credit in the amount of $7,800. 16 Interyiewed and hired a part-tine electrician who will be paid $7,109 each month. He will begin work in three weeks. 18 Purchased 52,899 of office supplies on credit. 20 Paid for the office equipnent purchased on November 8. 24. Billed a client $5,70 for electeical work; the balance is due in 30 days. 7d Received $7,800 for the work conpleted on Novenber 15. 30 Paid the office assistant's salary of $6,209. 10 Paid the monthly utility bil1s of $5,400. 30. Pover withdees $3,200 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 withdiawat Determine the final total for each item and verify that the equation is in balance. (Enter all amounts as positive volues. If the tronsaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the "Explanntion of
