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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) Assets Liabilities Equity Accounts office office Electrical Accounts Larry Power Cash Receivable + Supplies Equip Equip. Payable Capital $33,000 + $7,300 + $2,200 $31,000 + $15,500 $21,000 + 168,000 + During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,500. 3 Purchased electrical equipment for $21,800 from an electrician who was going out of business, by using $11, See in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $2,100 cash. Nov. 6 Completed electrical work and immediately collected $2,300 for doing the work. 8 Purchased $5,500 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,300. 16 Interviewed and hired a part-time electrician who will be paid $5,600 each month. He will begin work in three weeks. 18 Purchased $1,300 of office supplies on credit. 2e Paid for the office equipment purchased on November 8. 24 Billed a client $4,958 for electrical work; the balance is due in 30 days. 28 Received $6,300 for the work completed on November 15. 30 Paid the office assistant's salary of $4,700. 30 Paid the monthly utility bills of $3,900. 30 Power withdrew $1,700 from the business for personal use. If an account was incorrectly debited for $300 instead of correctly credited for $300, the account is out of balance by $100

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