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Buckeye Incorporated had the following trial balance at the beginning of November. BUCKEYE INCORPORATED Trail Balance Accounts Debits Credits Cash $ 2,800 Accounts Receivable 800
Buckeye Incorporated had the following trial balance at the beginning of November. BUCKEYE INCORPORATED Trail Balance Accounts Debits Credits Cash $ 2,800 Accounts Receivable 800 Supplies 1,200 Equipment 9,000 Accounts Payable $ 1,500 Notes Payable 2,100 Common Stock 5,100 Retained Earnings 5,100 -------------------------------------------------------------------------------- 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 $4,300 from Spartan Corporation. November 4 Purchase supplies for $2,000 on account. November 10 Provide services to customers on account for $10,000. November 15 Pay creditors on account, $2,000. November 20 Pay employees $3,500 for the first half of the month. November 22 Provide services to customers for $12,100 cash. November 24 Pay $3,000 on the note from Spartan Corporation. November 26 Collect $5,000 on account from customers. November 28 Pay $1,900 to the local utility company for November gas and electricity. November 30 Pay $4,600 rent for November. Record each transaction in a general journal
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