Reference no: EM131519643
Question: Buckeye Incorporated had the following trial balance at the beginning of November.
The following transactions occur in November.
November 1 Issue common stock in exchange for $12,000 cash.
November 2 Purchase equipment with a long-term note for $2,500 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account.
November 10 Provide services to customers on account for $8,000.
November 15 Pay creditors on account, $1,000.
November 20 Pay employees $2,000 for the first half of the month.
November 22 Provide services to customers for $10,000 cash.
November 24 Pay $1,000 on the note from Spartan Corporation.
November 26 Collect $6,000 on account from customers.
November 28 Pay $1,000 to the local utility company for November gas and electricity.
November 30 Pay $4,000 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.
4. Prepare a trial balance as of November 30.