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Problem 2-8B Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6)

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Buckeye Incorporated had the following balances at the beginning of November.

BUCKEYE INCORPORATED Trial Balance
November 1
Accounts	Debits			Credits
Cash	$	1,700
Accounts Receivable		450
Supplies		550
Equipment		7,900
Accounts Payable				$	1,250
Notes Payable					2,500
Common Stock					5,500
Retained Earnings					1,350
Totals	$	10,600		$	10,600

The following transactions occur in November.

November		1		Issue common stock in exchange for $11,500 cash.
November		2		Purchase equipment with a long-term note for $2,000 from Spartan Corporation.
November		4		Purchase supplies for $1,200 on account.
November		10		Provide services to customers on account for $7,500.
November		15		Pay creditors on account, $1,000.
November		20		Pay employees $1,500 for the first half of the month.
November		22		Provide services to customers for $9,500 cash.
November		24		Pay $800 on the note from Spartan Corporation.
November		26		Collect $5,500 on account from customers.
November		28		Pay $1,000 to the local utility company for November gas and electricity.
November		30		Pay $3,500 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.)