Question

oblem 2-8B Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below.) Buckeye Incorporated had the following balances at the beginning of November BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 3,000 Accounts Receivable 580 Supplies 680 Equipment 9,200 Accounts Payable $ 1,900 Notes Payable 3,800 Common Stock 6,800 Retained Earnings 960 Totals $13,460 $13,460 The following transactions occur in November November 1 Issue common stock in exchange for $12,800 cash. November 2 Purchase equipment with a long-term note for $3,300 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $8,800. November 15 Pay creditors on account, $1,200. November 20 Pay employees $2,800 for the first half of the month. November 22 Provide services to customers for $10,800 cash. November 24 Pay $1,320 on the note from Spartan Corporation. November 26 Colleet 56,800 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $4,800 rent for November.

Answer 1

BUCKEYE INCORPORATED
Trial Balance
November 30
Accounts	Debit	Credit
Cash	22,080
Accounts Receivable	2,580
Supplies	1,680
Equipment	12,500
Accounts Payable		1,700
Notes Payable		5,780
Common Stock		19,600
Retained Earning		960
Service Revenue		19,600
Salaries Expenses	2,800
Uitlities Expenses	1,200
Rent Expenses	4,800
Total	47,640	47,640

Following are impact of 10 transaction on different accounts for understanding purpose :

Transaction No.	GL Impacted	Debit	Credit
1	Cash	12,800
	Common Stock		12,800
2	Equipment	3,300
	Notes Payable		3,300
3	Supplies	1,100
	Accounts Payable		1,100
4	Accounts Receivable	8,800
	Service Revenue		8,800
5	Accounts Payable	1,200
	Cash		1,200
6	Salaries Expenses	2,800
	Cash		2,800
7	Notes Payable	1,320
	Cash		1,320
8	Cash	6,800
	Accounts Receivable		6,800
9	Uitlities Expenses	1,200
	Cash		1,200
10	Rent Expenses	4,800
	Cash		4,800

Based on above detail for each GL debit amount and credit amount impact needs to be provided to opening trial balance to get closing trial balance number.

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