90.2K

Verified Solution

Link Copied!

Required information Skip to question [The following information applies to the questions displayed below.] Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $2,400. March 3 Purchase sewing equipment by signing a note with the local bank, $2,100. March 5 Pay rent of $540 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $740. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $124 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $740. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $640 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 $89 for the current period. March 31 Pay dividends of $120 to stockholders. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31.

Cash Supplies Beg. Bal. Beg. Bal. March 1 End. Bal. March 3 March 5 Equipment Accounts Payable March 7 Beg. Bal. Cash Supplies Beg. Bal. Beg. Bal. March 1 End. Bal. End. Bal. March 3 March 5 Equipment Accounts Payable March 7 Beg. Bal. Beg. Bal. Deferred Revenue Notes Payable Beg. Bal. Beg. Bal. March 1 End. Bal. March 3 Common Stock Dividends March 5 Beg. Bal. March 7 End. Bal. End. Bal Service Revenue Rent Expense Beg. Bal. Beg. Bal. March 1 End. Bal. March 3 Utilities Expense March 5 March 7 End. Bal

Answer & Explanation Solved by verified expert

See Answer