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 BUCKEYE INCORPORATED Trial Balance November 1 Accounts Debits Credits Cash $ 1,600 Accounts Receivable 440 Supplies 540 Equipment 7,800 Accounts Payable $ 1,200 Notes Payable 2,400 Common Stock 5,400 Retained Earnings 1,380 Totala $10,380 $10,380 The following transactions occur in November November 1 Issue common stock in exchange for $11,400 cash. November 2 Purchase equipment with a long-term note for $1,900 from Spartan Corporation. November 4 Purchase supplies for $1,000 on account. November 10 Provide services to customers on account for $7,400. November 15 Pay creditors on account, $1,100. November 20 Pay employeen $1,400 for the first half of the month. November 22 Provide services to customers for $9.400 cash. November 24 Pay $760 on the note from Spartan Corporation. November 26 Collect $5,400 on account from customers. November 20 Pay $1,100 to the local utility company for November gas and electricity. November 30 Pay $3,400 rent for November. Problem 2-8B Part 2 and 3 2. & 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.) Cash Accounts Rocolvablo Beg Bal. November 1 Bog. Bal. 11,400 November 22 9,400 End. Bal + End. Bal Supplies Equipment Bog Bal November 4 1.000 Bog. Bol November 2 1.900 End, Bal End. Bal Accounts Payablo Notes Payable Bog. Bal November 15 Bog. Bal 1,100 1.100 November 24 760 CO Required information Accounts Payable Notes Payable Beg. Bal November 15 Beg Bal November 24 1,100 1,100 760 End. Bal. End. Bal. Common Stock Retained Earning Beg Bal Beg. Bal November 26 5,400 End. Bal. End. Bal Sepice Revenue Salaries Expenso Bog. Bat. November 10 Beg. Bai November 20 7,400 1,400 End. Bal End. Bal Utilities Expense Rent Expense Beg. Bal November 28 Bog. Bal November 30 1,100 3,400 En En