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): Cash $31,000+ Accounts + Receivable $7,100 + Assets Office + Supplies + $2,000 Office Equip. + $29,000 + Electrical Equip. Liabilities + Accounts Payable + $14,500 $19,000 + Equity Larry Power, Capital $64,600 During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,300. 3 Purchased electrical equipment for $19,000 from an electrician who was going out of business, by using $10,500 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $1,900 cash. 6 Completed electrical work and immediately collected $2,100 for doing the work. 8 Purchased $5,300 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,100. 16 Interviewed and hired a part-time electrician who will be paid $5,400 each month. He will begin work in three weeks. 18 Purchased $1,100 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $4,850 for electrical work; the balance is due in 30 days. 28 Received $6,100 for the work completed on November 15. 30 Paid the office assistant's salary of $4,500. 30 Paid the monthly utility bills of $3,700. 38 Power withdrew $1,500 from the business for personal use. The following table shows the effects of each November activity on the items in the equation. Accounts Cash Accounts Receivable Bal. Oct. 31 $31,000 Office Supplies $ 7,100 $ 2,000 Office Equip. $29,000 Nov. 1 Electrical Equip. $14,500 Payable 7,300 $19,000 3 +10,500 3 Larry Power, Capital $64,600 - 7,300 +10,500 - 10,500 +$19,000 5 1,900 +$ 8,500 Explanation of Equity Transaction Rent expense Investment by owner 1,900 6 +2,100 8 5,300 + 5,300 15 + 6,100 16 +2,100 + 6,100 Electrical fees earned Electrical fees earned 18 1,100 20 5,300 1,100 5,300 24 28 + 6,100 4,850 6,100 + 4,850 Electrical fees earned 30 - 4,500 30 3,700 30 1,500 $15,000 $ 11,950 $ 5,000 $99,750 $ 34,300 $33,500 $ 28,600 4,500 3,700 - 1,500 $71,150 Salaries expense Utilities expense Withdrawal by owner $ 99,750 Required: 1. Using the above information, prepare an income statement