! Required information 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 $1,200 Accounts Receivable 400 Supplies 500 Equipment 7,400 Accounts Payable $ 1,000 Notes Payable 2,000 Common Stock 5,000 Retained Earnings 1,500 Totals $ 9,500 9,500 The following transactions occur in November. November 1 Issue common stock in exchange for $11,000 cash. November 2 Purchase equipment with a long-term note for $1,500 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $7,000. November 15 Pay creditors on account, $1,200. November 20 Pay employees $1,000 for the first half of the month. November 22 Provide services to customers for $9,000 cash. November 24 Pay $600 on the note from Spartan Corporation. November 26 Collect $5,000 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $3,000 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 $ 0 $ 0