Answer:
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.
The members of OPEC that would be in favor of high prices due to the small oil reserves that they have would be the countries in Africa
- Ecuador
- Angola
- Tunisia
- Gabon
<h3>What is OPEC?</h3>
This is an organization of the petroleum producing countries of the world.
Due to a rise in the oil prices now, these nations would most likely be favored in the sales of their products
Read more on OPEC here: brainly.com/question/26412451
A decrease in the reserves will permit the bank to loan more, by this means increasing the source of money. But since the bank wrote a check for the other bank and deposited an amount of $8000 and also granted a loan of the same amount. There is a decrease of $8000 due to the deposit to the other bank.
Answer and Explanation:
The Journal entry is shown below:-
September 9
Petty cash fund Dr, $400
To Cash $400
(Being establishment of petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
September 30
Merchandise Inventory Dr, $51
Postage expense Dr, $73
Cash Short and over Dr, $13
Miscellaneous Dr, $141
To Petty Cash $278
(Being reimburse of petty cash find is recorded)
Here we debited the merchandise Inventory, postage expense, cash short and over and miscellaneous as it is expenses while we credited the petty cash as is reimbursed.
October 1
Petty cash fund Dr, $60
($460 - $400)
To Cash $60
(Being increase in petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
