Below are the transactions for Button Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $2,600. March 3 March 5 March 7 Purchase sewing equipment by signing a note with the local bank, $2,300. Pay rent of $560 for March. Martha, a customer, places an order for alterations to several dresses. Button estimates that the alterations will cost Martha $760. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $126 on account. This material will be used to provide services to customers. March 15 Button delivers altered dresses to Martha and receives $760. March 19 Button agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Button receives $660 from Bob and promises the suits to be completed by March 25. March 25 Button delivers 10 altered business suits to Bob. March 30 Pay utilities of $91 for the current period. March 31 Pay dividends of $130 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. No Date 1 March 01 Cash Common Stock 2 March 03 Equipment Notes Payable 3 March 05 Rent Expense Cash General Journal Debit Credit 2,600 4 March 07 No Journal Entry Required 5 March 12 Supplies Accounts Payable 6 March 15 Cash Service Revenue 2,600 2,300 2,300 560 560 126 126 760 760 7 March 19 Cash 660 Deferred Revenue 660 8 March 25 Deferred Revenue 660 Service Revenue 660 9 March 30 Utilities Expense Cash 10 March 31 Dividends Cash 91 91 130 130 Beginning Balance Ending Balance Cash Debit Credit Supplies Debit Credit Beginning Balance Ending Balance Equipment Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Ending Balance Deferred Revenue Notes Payable Debit Credit Debit Credit Beginning Balance Ending Balance Beginning Balance Ending Balance Common Stock Dividends Debit Credit Debit Credit Beginning Balance Ending Balance Service Revenue Rent Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Utilities Expense Debit Credit Beginning Balance Ending Balance Ending Balance Accounts Cash Supplies BUTTON SEWING SHOP Trial Balance March 31 Equipment Accounts Payable Deferred Revenue Notes Payable Common Stock Dividends Service Revenue Rent Expense Utilities Expense Totals Debit Credit $ 0 $ 0