Buckeye Incorporated had the following trial balance at Buckeye Incorporated had the following balances at the beginning of November.
BUCKEYE INCORPORATED Trial Balance November 1
Accounts Debits Credits
Cash $2,800
Accounts Receivable 560
Supplies 660
Equipment 9,000
Accounts Payable $1,800
Notes Payable 3,600
Common Stock 6,600
Retained Earnings 1,020
Totals $13,020 $13,020
The following transactions occur in November.
November 1 Issue common stock in exchange for $12,600 cash.
November 2 Purchase equipment with a long-term note for $3,100 from Spartan Corporation.
November 4 Purchase supplies for $1,200 on account.
November 10 Provide services to customers on account for $8,600.
November 15 Pay creditors on account, $1,000.
November 20 Pay employees $2,600 for the first half of the month.
November 22 Provide services to customers for $10,600 cash.
November 24 Pay $1,240 on the note from Spartan Corporation.
November 26 Collect $6,600 on account from customers.
November 28 Pay $1,000 to the local utility company for November gas and electricity.
November 30 Pay $4,600 rent for November.
Required:
a. Record each transaction.
b. Post each transaction to the appropriate T-accounts.
c. 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.)
d. Prepare a trial balance as of November 30.
Answers: 2
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