Buckeye Incorporated had the following balances at the beginning of November. BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $1,400 Accounts Receivable 420 Supplies 520 Equipment 7,600 Accounts Payable $ 1,100 Notes Payable 2,200 Common Stock 5,200 Retained Earnings 1,440 Totals $9,940 $ 9,940 The following transactions occur in November. November 1 Issue common stock in exchange for $11,200 cash. November 2 Purchase equipment with a long-term note for $1,700 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $7,200. November 15 Pay creditors on account, $1,000. November 20 Pay employees $1,200 for the first half of the month. November 22 Provide services to customers for $9,200 cash. November 24 Pay $680 on the note from Spartan Corporation. November 26 Collect $5,200 on account from customers. November 28 Pay $1,000 to the local utility company for November gas and electricity. November 30 Pay $3,200 rent for November. Required information Journal entry worksheet Issue common stock in exchange for $11,200 cash. Note: Enter debits before credits. General Journal Debit Credit Date November 01 Record entry Clear entry View general journal Required information Journal entry worksheet Purchase equipment with a long-term note for $1,700 from Spartan Corporation. Note: Enter debits before credits. General Journal Debit Credit Date November 02 Record entry Clear entry View general journal Required information Journal entry worksheet Purchase equipment with a long-term note for $1,700 from Spartan Corporation. Note: Enter debits before credits. General Journal Debit Credit Date November 02 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 2 3 4 5 6 7 8 ..... 11 Purchase supplies for $1,200 on account. Note: Enter debits before credits. General Journal Debit Credit Date November 04 Record entry Clear entry View general journal S Required information Journal entry worksheet 1 2 3 5 6 7 8 ..... 11 > Provide services to customers on account for $7,200. Note: Enter debits before credits. General Journal Debit Credit Date November 10 Record entry Clear entry View general journal Required information Journal entry worksheet Pay creditors on account, $1,000. Note: Enter debits before credits. General Journal Debit Credit Date November 15 Record entry Clear entry View general journal Journal entry worksheet Pay employees $1,200 for the first half of the month. Note: Enter debits before credits. General Journal Debit Credit Date November 20 Record entry Clear entry View general journal Journal entry worksheet Collect $5,200 on account from customers. Note: Enter debits before credits. General Journal Debit Credit Date November 26 Record entry Clear entry View general journal Required information Journal entry worksheet Pay $1,000 to the local utility company for November gas and electricity. Note: Enter debits before credits. General Journal Debit Credit Date November 28 Record entry Clear entry View general journal Required information Journal entry worksheet
