Problem 1-8AAnalyzing transactions LO5,7 CHECK FIGURE: Accounts payable balance, November 30, 2017 = $27,000 Larry Power, Capital balance, November 30, 2017 = $69,100 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) Assots Liablities + Equity Cash $30,000+ + Accounts Receivable + Office Supplies + Equip $7,000 + $1,900 + $28,000 + Office Electrical + Equip. $14,000 Accounts Payable $18,000 Larry Power, + Capital + $62.900 0 During November, the following occurred Nov. 1 3 Rented office space and paid cash for the month's rent of $7,200. Purchased electrical equipment for $18.000 from an electrician who was going out of business, by using $10,000 in personal funds and agreeing to pay the balance in 30 days. 10 Purchased office supplies by paying $1.800 cash. NOV. 6 Completed electrical work and immediately collected $2,000 for doing the work. 8 Purchased $5,200 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,000. 16 18 20 24 28 222 Interviewed and hired a part-time electrician who will be paid $5,300 each month. He will begin work in three weeks. Purchased $1,000 of office supplies on credit. Paid for the office equipment purchased on November 8. Billed a client $4,800 for electrical work: the balance is due in 30 days. Received $6,000 for the work completed on November 15.