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 3 Purchase sewing equipment by signing a note with the local bank, $1,200. March 5 Pay rent of $450 for March. March 7 Martha, a custoner, places an order for atterations 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 custoners. 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 anount of weight recently. Backstitch receives $550 from Bob and promises the suits to be completed by March 25 . March 25 Backstilch 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 ot March 31 . 4. Prepare a trial balance as of March 31. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31 . \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Utilities Expense } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credit \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular}