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 Debit Credits Canh $ 2,000 Accounts Receivable 480 Supplies 580 Equipment 8,200 Accounts Payable $ 1,400 Notes Payable 2,800 Common Stock 5,800 Retained Earnings 1,260 Totals $11,260 511,260 The following transactions occur in November. November 1 Issue common stock in exchange for $11,800 cash. November 2 Purchase equipment with a long-term note for $2,300 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $7,800. November 15 Pay creditors on account, $1.000. November 20 Pay employees $1,800 for the first half of the month. November 22 Provide services to customers for $9,800 canh November 24 Pay $920 on the note from Spartan corporation. November 26 Collect 55,800 on account from customers. November 28 Pay 51,000 to the local utility company for November gas and electricity. November 30 Pay $3,800 rent for November Problem 2-8B Part 2 and 3 2. & 3. Post each transaction to the appropriate Taccounts and calculate the balance of each account at November 30. (Hint: Be sure 2.8 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30. (Hint: Be sure to include the balance at the beginning of November in each T-account.) 2013 Answer is not complete. Accounts Receivable Beg Bal 480 November 10 7,800 5,800 November 26 Beg Bal November 1 November 22 November 26 Cash 2,000 11.800 9,800 5.800 ooo OOOO olo 1.000 November 15 1.800 November 20 920 1.000 November 28 3,800 November 30 End. Bal 2.480 End Bal 20 880 Supplies 580 Beg Bal November 4 lo Beg Bal November 2 Equipment 8,200 2.300 1.200 Cnd Bal 1.780 End Bal 10,500 Beg Bal Accounts Payable 1,400 1.000 1.200 November 4 Beg Bal November 24 Notes Payable 2,800 920 2300 November 2 November 15 End 1.600 End Bar 4.180 Common Stock 5,800 11.800 November 1 Retained Earning 1.200 Beg Bal Beg Bal 3 Required information Accounts Payable Beg Bal 1,400 November 15 1,000 1.200 November 4 Notes Payable 2.800 920 2,300 November 2 Beg Bal November 24 Ror End Bal. 1.600 End. Bat 4,180 Common Stock 5,800 11,800 November 1 Retained Eamings 1.260 Beg Bal Beg Bal End Bal 17,600 End, Bal 1.250 Service Revenue Salaries Expense Beg Bal Beg Bal November 20 7.800 November 10 1.800 0.B00November 22 17,600 10 End, Bal End. Bal 1.800 Utilities Expense Rent Expense Beg Bal November 28 Bog. Blat 1.000 November 30 3,800 End, Bol 1.000 End. Bal 3.800