March 1 Issue common stock in exchange for cash of $1,200. March 3 March 5 March...

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March 1 Issue common stock in exchange for cash of $1,200. March 3 March 5 March 7 Purchase sewing equipment by signing a note with the local bank, $900. Pay rent of $420 for March. Martha, a customer, places an order for alterations to several dresses. Backstitch estimates that the alterations will cost Martha $620. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $112 on account. This material will be used to provide services to customers. March 15 Backstitch delivers altered dresses to Martha and receives $620. March 19 Backstitch agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Backstitch receives $520 from Bob and promises the suits to be completed by March 25. March 25 Backstitch delivers 10 altered business suits to Bob. March 30 Pay utilities of $77 for the current period. March 31 Pay dividends of $60 to stockholders. Required: 1. Record each transaction. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31. 4. Prepare a trial balance as of March 31. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31. Debit Beginning Balance Cash Credit Debit Beginning Balance Ending Balance Supplies Credit March 1 Issue common stock in exchange for cash of $1,200. March 3 March 5 March 7 Purchase sewing equipment by signing a note with the local bank, $900. Pay rent of $420 for March. Martha, a customer, places an order for alterations to several dresses. Backstitch estimates that the alterations will cost Martha $620. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $112 on account. This material will be used to provide services to customers. March 15 Backstitch delivers altered dresses to Martha and receives $620. March 19 Backstitch agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Backstitch receives $520 from Bob and promises the suits to be completed by March 25. March 25 Backstitch delivers 10 altered business suits to Bob. March 30 Pay utilities of $77 for the current period. March 31 Pay dividends of $60 to stockholders. Required: 1. Record each transaction. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31. 4. Prepare a trial balance as of March 31. Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31. Debit Beginning Balance Cash Credit Debit Beginning Balance Ending Balance Supplies Credit

Answer rating: 100% (QA)

Here are the TAccounts for each transaction and the trial balance as of March 31 TAccounts Pay rent ... View the full answer