Below are the transactions for Ute Sewing Shop for March, the first month of operations.
March...
Business, 22.02.2020 00:34 keisha7795
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 $1,700.
March 3 Purchase sewing equipment by signing a note with the local bank, $1,400.
March 5 Pay rent of $470 for March.
March 7
Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $670. Martha is not required to pay for the alterations until the work is complete.
March 12
Purchase sewing supplies for $117 on account. This material will be used to provide services to customers.
March 15 Ute delivers altered dresses to Martha and receives $670.
March 19
Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $570 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 $82 for the current period.
March 31 Pay dividends of $85 to stockholder
1. Record each transaction
2. Post each transaction to the appropriate T-accounts
3. Prepare a trial balance as of March 31.
Answers: 3
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