Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in accounting equation format): Accounts Receivable $8,300 Cash $43,000 Assets Office + Supplies + + $3,200 + + + = Liabilities - Accounts Payable + = $31,000 + Office Equip. $41,000 Equity Larry Power, Capital $85,000 Electrical Equip. $20,500 + + During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's 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. Nov. 6 Completed electrical work and immediately collected $3,300 for doing the work. 8 Purchased $6,500 of office equipment on credit. ted 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 assistant's salary of $5,700. 30 Paid the monthly utility bills of $4,900. 30 Power withdrew $2,700 from the business for personal use. Larry Cash + Accounts Receivable * Office Supplies Office Equip. Electrical Equip. Accounts Payable Explanation of Equity Transaction Capital $ 85,000 $ 8,300 + $ 3,200 + $ 41,000 + $ 20,500 = + $ 31,000 + Bal. Oct. 31 + Nov. 1 $ 43,000 + 8,500 + 31,000