Question

Problem 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 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 Collect $6,800 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. provide serve the notent from

Answer 1

2&3) Journal entries:
DEBIT	AMT $	CREDIT	AMT $
CASH A/C
OB	3000	15-Nov	1200
1-Nov	12800	20-Nov	2800
22-Nov	10800	24-Nov	1320
26-Nov	6800	28-Nov	1200
		30-Nov	4800
		CB	22080
AR A/C
OB	580	26-Nov	6800
10-Nov	8800	CB	2580
SUPPLIES A/C
OB	680	CB	1780
4-Nov	1100
EQUIPMENT A/C
OB	9200	CB	12500
2-Nov	3300
AP A/C
15-Nov	1200	OB	1900
CB	1800	4-Nov	1100
NOTES PAYABLE A/C
24-Nov	1320	OB	3800
CB	2230	2-Nov	3300
COMMON STOCK A/C
CB	19600	OB	6800
		1-Nov	12800
RETAINED EARNINGS A/C
		OB	960
SERVICE REVENUE A/C
CB	19600	10-Nov	8800
		22-Nov	10800
SALARIES A/C
20-Nov	2800
UTILITIES EXPENSE A/C
28-Nov	1200
RENT EXPENSE A/C
30-Nov	4800