Larry Power started a new business in the name of Power Electrical on October 1, 2023....

 

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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): Assets Office Office Cash $38,000 Accounts Electrical Receivable + Supplies + Equip. Equip. $7,800 + $2,700 + $36,000 + $18,000 = $26,000 + = Liabilities + Accounts Payable + + Equity Larry Power, Capital $76,500 During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $8,000. 3 Purchased electrical equipment for $26,000 from an electrician who was going out of business, by using $14,000 in personal funds and agreeing to pay the balance in 30 days. Hint: Reminder to record the impact of the owner's deposit of cash in the business before recording the purchase of the equipment. 5 Purchased office supplies by paying $2,600 cash. 6 Completed electrical work and immediately collected $2,800 for doing the work. 8 Purchased $6,000 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,800. 16 Interviewed and hired a part-time electrician who will be paid $6,100 each month. He will begin work in three weeks. 18 Purchased $1,800 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,200 for electrical work; the balance is due in 30 days. 28 Received $6,800 for the work completed on November 15. 30 Paid the office assistant's salary of $5,200. 30 Paid the monthly utility bills of $4,400. 30 Power withdrew $2,200 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 urnal entry, select equity transaction' field.) 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): Assets Office Office Cash $38,000 Accounts Electrical Receivable + Supplies + Equip. Equip. $7,800 + $2,700 + $36,000 + $18,000 = $26,000 + = Liabilities + Accounts Payable + + Equity Larry Power, Capital $76,500 During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $8,000. 3 Purchased electrical equipment for $26,000 from an electrician who was going out of business, by using $14,000 in personal funds and agreeing to pay the balance in 30 days. Hint: Reminder to record the impact of the owner's deposit of cash in the business before recording the purchase of the equipment. 5 Purchased office supplies by paying $2,600 cash. 6 Completed electrical work and immediately collected $2,800 for doing the work. 8 Purchased $6,000 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,800. 16 Interviewed and hired a part-time electrician who will be paid $6,100 each month. He will begin work in three weeks. 18 Purchased $1,800 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $5,200 for electrical work; the balance is due in 30 days. 28 Received $6,800 for the work completed on November 15. 30 Paid the office assistant's salary of $5,200. 30 Paid the monthly utility bills of $4,400. 30 Power withdrew $2,200 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 urnal entry, select equity transaction' field.)