Below are the transactions for Backstitch Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,500. March 31 March 5 March 7 Purchase sewing equipment by signing a note with the local bank, $1,200. Pay rent of $450 for March, Martha, a customer, places an order for alterations to several dresses. Backstitch estimates that the alterations will cost Martha $650. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $115 on account. This material will be used to provide services to customers. March 15 Backstitch delivers altered dresses to Martha and receives $650. March 19 Backstitch agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Backstitch receives $550 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 $80 for the current period. March 31 Pay dividends of $75 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