Be su 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. The following transactions occur in November. November 1 Issue common stock in exchange for $12,000 cash. November 2 Purchase equipment with a long-term note for $2,500 from Spartan Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $8,000. November 15 Pay creditors on account, $1,000. November 20 Pay employees $2,000 for the first half of the month. November 22 Provide services to customers for $10,000 cash. November 24 Pay $1,000 on the note from Spartan Corporation. November 26 Collect $6,000 on account from customers. November 28 Pay $1,000 to the local utility company for November gas and electricity. November 30 Pay $4,000 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.)
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