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Problem 2-7A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6)

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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 $3,000.
March		3		Purchase sewing equipment by signing a note with the local bank, $2,700.
March		5		Pay rent of $600 for March.
March		7		Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $800. Martha is not required to pay for the alterations until the work is complete.
March		12		Purchase sewing supplies for $130 on account. This material will be used to provide services to customers.
March		15		Ute delivers altered dresses to Martha and receives $800.
March		19		Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $700 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 $95 for the current period.
March		31		Pay dividends of $150 to stockholders.

1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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.