Below are the transactions for Ute Sewing Shop for March, the first month of operations. 2....

Below are the transactions for Ute Sewing Shop for March, the first month of operations.

2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31.

March	1	Issue common stock in exchange for cash of $2,100.
March	3	Purchase sewing equipment by signing a note with the local bank, $1,800.
March	5	Pay rent of $510 for March.
March	7	Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $710. Martha is not required to pay for the alterations until the work is complete.
March	12	Purchase sewing supplies for $121 on account. This material will be used to provide services to customers.
March	15	Ute delivers altered dresses to Martha and receives $710.
March	19	Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $610 from Bob and promises the suits to be completed by March 25.
March	25	Ute delivers 10 altered business suits to Bob.
March	30	Pay utilities of $86 for the current period.
March	31	Pay dividends of $105 to stockholders.

Solutions

Expert Solution

below are the transactions for Ute sewing shop for march -

Trial balance - to check all T accounts -

Please check with your answer and let me know.

jeff jeffy answered 1 year ago

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