Problem 2-8B Complete the steps in the measurement of external transactions (LO2-4,2-5, 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 $ 3,000 Accounts Receivable 580 Supplies 680 Equipment 9,200 Accounts Payable $ 1,900 Notes Payable 3,800 Common Stock 6,800 Retained Earnings 960 Totals $13,460 $13,460 The following transactions occur in November November 1 Issue common stock in exchange for $12,800 cash. November 2 Purchase equipment with a long-term note for $3,300 ftom Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $8,800. November 15 Pay creditors on account, $1,200. November 20 Pay employees $2,800 for the first half of the month. November 22 Provide services to customers for $10,800 cash. November 24 Pay $1,320 on the note from Spartan Corporation. November 26 Collect $6,800 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $4,800 rent for November. Problem 2-8B Part 1 Required: 1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date November 01 Debit 12,800 2 Cash Common Stock 12 800