! Required information 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. Cash BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits $ 2,600 Accounts Receivable 540 Supplies 640 Equipment 8,800 Accounts Payable $ 1,700 Notes Payable 3,400 Common Stock 6,400 Retained Earnings 1,080 Totals $12,580 $12,580 The following transactions occur in November. November 1 Issue common stock in exchange for $12,400 cash. November 2 Purchase equipment with a long-term note for $2,900 from Spartan Corporation. November 4 Purchase supplies for $1,000 on account. November 10 Provide services to customers on account for $8,400. November 15 Pay creditors on account, $1,100. November 20 Pay employees $2,400 for the first half of the month. November 22 Provide services to customers for $10,400 cash. November 24 Pay $1,160 on the note from Spartan Corporation. November 26 Collect $6,400 on account from customers. November 28 Pay $1,100 to the local utility company for November gas and electricity. November 30 Pay $4,400 rent for November. 4. Prepare a trial balance as of November 30. BUCKEYE INCORPORATED Trial Balance November 30 Accounts Debit Credit Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Rent Expense Totals