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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 $ 2,500 Accounts Receivable
Buckeye Incorporated had the following balances at the beginning of November. BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 2,500 Accounts Receivable 530 Supplies 630 Equipment 8,700 Accounts Payable $ 1,650 Notes Payable 3,300 Common Stock 6,300 Retained Earnings 1,110 Totals $12,360 $12,360 The following transactions occur in November. November 1 Issue common stock in exchange for $12,300 cash. November 2 Purchase equipment with a long-term note for $2,800 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $8,300. November 15 Pay creditors on account, $1,000. November 20 Pay employees $2,300 for the first half of the month. November 22 Provide services to customers for $10,300 cash. November 24 Pay $1,120 on the note from Spartan Corporation. November 26 Collect $6,300 on account from customers. November 28 Pay $1,000 to the local utility company for November gas and electricity. November 30 Pay $4,300 rent for November. 4. Prepare a trial balance as of November 30. Credit BUCKEYE INCORPORATED Trial Balance November 30 Accounts Debit Cash Accounts Receivable Supplies Equipment ccounts Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Rent Expense Totals
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