2-7A (Algo) Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) (GL) Below are the transactions for Backstitch Sewing Shop for March, the first month of operations. 215 March 1 Issue common stock in exchange for cash of $1,200. Purchase sewing equipment by signing a note with the local bank, $900. Pay rent of $428 for March. ences March 3 March 5 March 7 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 busihess 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 18 altered business suits to Bob. March 30 Pay utilities of $77 for the current period. March 31 Pay dividends of $6e to stockholders. Requirement General Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) View transaction list Journal entry worksheet C raw 2 3 4 5 6 7 8 9 10 > Issue common stock in exchange for cash of $1,200