Problem 2-8B Complete the steps in the measurement of external transactions (L02-4, 2-5, 2-6) [The following information applies to the questions displayed below.) Buckeye Incorporated had the following balances at the beginning of November. BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 1,700 Accounts Receivable 450 Supplies 550 Equipment 7,900 Accounts Payable $ 1,250 Notes Payable 2,500 Common Stock 5,500 Retained Earnings 1,350 Totals $10,600 $10,600 The following transactions occur in November November 1 Issue common stock in exchange for $11,500 cash. November 2 Purchase equipment with a long-term note for $2,000 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $7,500. November 15 Pay creditors on account, $1,000 November 20 Pay employees $1,500 for the first half of the month. November 22 Provide services to customers for $9,500 cash. November 24 Pay $800 on the note from Spartan Corporation. November 26 Collect $5,500 on account from customers. November 28 Pay 51,000 to the local utility company for November gas and electricity. November 30 Pay $3.500 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 Accounts Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Rent Expense Totals