Q no 2. Larry Power started a new business in the name of Power Electrical on October 1" 2019, During October a number of activities occurred and the following Totals resulted at October 31st 2019, shown in the following Accounting Equation Format; Marks 20 Assets Liabilities Equity Larry Cash Accounts Receivable Office Supplies Office Equipment Electrical Accounts Power, Equipment Payable Capital $ 30,000 $7,000 $1,900 $28,000 $14,000 $18,000 $62,900 During November, the following Occurred; Nov 1. Rented Office space and paid cash for the month's rent of $7,200. Nov 3. 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. Nov 5. Purchased Office supplies by paying $ 1,800 cash Nov 6. Completed electrical work and immediately collected $ 2,000. Nov 8. Purchased $ 5,200 of office equipment on credit Nov 15. Completed electrical work on credit in the amount of $ 6,000. Nov 16. Interviewed and hired a part time electrician who will be paid $ 5,300 each month. He will begin work in three weeks. Nov 18 Purchased $ 1,000 of office supplies on credit. Nov 20. Paid for the office equipment purchased on November 8th. Nov 24. Billed a client $ 4,800 for electrical work; the balance is due in 30 days. Nov 28. Received $ 6,000 for the work completed on November 15th. Nov 30. Paid the Office Assistant's salary of $ 4,400. Nov 30. Paid the monthly utility bills of $ 3,600. Nov 30. Power withdrew $ 1,400 from the business for personal use. Required: Use addition and subtraction to show the effects of each November activity on the items in the equation. Do not determine new totals for the items of the equation after each transaction. Next to each change in equity, State that 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. Analysis: Revenue is not recorded on November 28. Explain using your understanding of GAAP.