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 $$1,200.$

March $3$ Purchase sewing equipment by signing a note with the local bank, $$900.$

March $5$ Pay rent of $$420$ for March.

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 $10$ 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:

Record each transaction.

& $3.$ Post each transaction to the appropriate T$-$accounts and calculate the balance of each account at March $31.$

Prepare a trial balance as of March $31.$

Complete this question by entering your answers in the tabs below.

T Accounts