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 $1,200
Accounts Receivable 400
Supplies 500
Equipment 7,400
Accounts Payable $1,000
Notes Payable 2,000
Common Stock 5,000
Retained Earnings 1,500
Totals $9,500 $9,500
The following transactions occur in November.
November 1 Issue common stock in exchange for $11,000 cash.
November 2 Purchase equipment with a long-term note for $1,500 from Spartan Corporation.
November 4 Purchase supplies for $1,100 on account.
November 10 Provide services to customers on account for $7,000.
November 15 Pay creditors on account, $1,200.
November 20 Pay employees $1,000 for the first half of the month.
November 22 Provide services to customers for $9,000 cash.
November 24 Pay $600 on the note from Spartan Corporation.
November 26 Collect $5,000 on account from customers.
November 28 Pay $1,200 to the local utility company for November gas and electricity.
November 30 Pay $3,000 rent for November.
Required:
Record each transaction.
No Date General Journal Credit Debit
1 November 01 Cash 12,800
Common Stock 12 800

BUCKEYE  INCORPORATED

General Journal:

No Date          Description  Debit       Credit

1     November 01

Cash                                  $11,000

Common Stock                                 $11,000

To record the issue of common stock for cash.

2.  November 02

Equipment                       $1,500

Long-term Note Payable                   $1,500

To record the purchase of equipment from Spartan Corporation.

3.  November 04

Supplies                         $1,100

Accounts Payable                             $1,100

To record the purchase of supplies on account.

4.  November 10

Accounts Receivable   $7,000

Service Revenue                              $7,000

To record the provision of services to customers on account.

5.  November 15

Accounts Payable        $1,200

Cash Account                                  $1,200

To record the payment to suppliers on account.

6.  November 20

Salaries Expense         $1,000

Cash Account                                  $1,000

To record the payment of salaries for the first half month.

7.  November 22

Cash Account             $9,000

Service Revenue                            $9,000

To record the provision of services to customers for cash.

8.  November 24

Long-term Notes Payable $600

Cash Account                                   $600

To record the payment on note to Spartan Corporation.

9.  November 26

Utilities expense              $1,200

Cash Account                                 $1,200

To record the payment for gas and electricity for November.

10.  November 30

Rent expense                 $3,000

Cash Account                                 $3,000

To record the payment of rent for November.

Explanation:

General Journals:  Buckeye Incorporated can use the general journal to record its business transactions as they occur on a daily basis.  It shows the accounts involved in the transaction and the accounts to be debited and credited as the case may be.

b. take periodic breaks and alternate between tasks.  

will increase work efficiency, and avoid health issues.

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