Question

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.

Answer 1

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.