Buckeye Incorporated had the following balances at the beginning of November.BUCKEYE INCORPORATED Trial Balance November 1Accounts                       Debits         CreditsCash                              $ 3,200Accounts Receivable           600Supplies                              700Equipment                       9,400Accounts Payable                               $ 2,000Notes Payable                                       4,000Common Stock                                     7,000Retained Earnings                                   900Totals                              $13,900       $13,900The following transactions occur in November. November 1 Issue common stock in exchange for $13,000 cash. November 2 Purchase equipment with a long-term note for $3,500 from Spartan Corporation. November 4 Purchase supplies for $1,000 on account. November 10 Provide services to customers on account for $9,000. November 15 Pay creditors on account, $1,100. November 20 Pay employees $3,000 for the first half of the month. November 22 Provide services to customers for $11,000 cash. November 24 Pay $1,400 on the note from Spartan Corporation. November 26 Collect $7,000 on account from customers. November 28 Pay $1,100 to the local utility company for November gas and electricity. November 30 Pay $5,000 rent for November.Required: 1. Record each transaction. 2. Post each transaction to the appropriate T-accounts. 3. Calculate the balance of each account at November 30. (Hint: Be sure to include the balance at the beginning of November in each T-account.) 4. Prepare a trial balance as of November 30.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Buckeye Incorporated had the following balances at the beginning of November.

BUCKEYE INCORPORATED Trial Balance November 1
Accounts                       Debits         Credits
Cash                              $ 3,200
Accounts Receivable           600
Supplies                              700
Equipment                       9,400
Accounts Payable                               $ 2,000
Notes Payable                                       4,000
Common Stock                                     7,000
Retained Earnings                                   900
Totals                              $13,900       $13,900

The following transactions occur in November.
November 1 Issue common stock in exchange for $13,000 cash.
November 2 Purchase equipment with a long-term note for $3,500 from Spartan Corporation.
November 4 Purchase supplies for $1,000 on account.
November 10 Provide services to customers on account for $9,000.
November 15 Pay creditors on account, $1,100.
November 20 Pay employees $3,000 for the first half of the month.
November 22 Provide services to customers for $11,000 cash.
November 24 Pay $1,400 on the note from Spartan Corporation.
November 26 Collect $7,000 on account from customers.
November 28 Pay $1,100 to the local utility company for November gas and electricity.
November 30 Pay $5,000 rent for November.

Required:
1. Record each transaction.
2. Post each transaction to the appropriate T-accounts.
3. Calculate the balance of each account at November 30. (Hint: Be sure to include the balance at the beginning of November in each T-account.)
4. Prepare a trial balance as of November 30.

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