The following information applies to the questions displayed below.] Buckeye Inc

Question

The following information applies to the questions displayed below.] Buckeye Incorporated had the following trial balance at the beginning of November. BUCKEYE INCORPORATED Trial Balance Accounts Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Common Stock Retained Earnings Debits Credits $2,900 570 670 9,100 $1,850 3,700 6,700 990 The following transactions occur in November: November 1 Issue common stock in exchange for $12,700 cash. November 2 Purchase equipment with a long-term note for $3,200 from Spartan Corporation. November 4 Purchase supplies for $1,000 on account. November 10 Provide services to customers on account for $8,700. November 15 Pay creditors on account, $1,100 November 20 Pay employees $2,700 for the first half of the month. November 22 Provide services to customers for $10,700 cash November 24 Pay $1,280 on the note from Spartan Corporation. November 26 Collect $6,700 on account from customers November 28 Pay $1,100 to the local utility company for November gas and electricity. November 30 Pay $4,700 rent for November.

Explanation / Answer

Accounts Debit Credit Cash 22,120 Accounts receivable 2570 Supplies 1670 Equipment 12,300 Accounts payable 1,750 Notes payable 5,620 Common stock 19,400 Retained earnings 990 Service revenue 19400 Salaries expense 2,700 Utilities expense 1,100 Rent expense 4,700 totals 47,160 47160

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