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Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash
Below are the transactions for Ute Sewing Shop for March, the first month of operations. March 1 Issue common stock in exchange for cash of $1,000. March 3 Purchase sewing equipment by signing a note with the local bank, $700. March 5 Pay rent of $400 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $600. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $110 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $600. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $500 from Bob and promises the suits to be completed by March 25. March 25 Ute delivers 10 altered business suits to Bob. March 30 Pay utilities of $75 for the current period. March 31 Pay dividends of $50 to stockholders. Requirement General Journal General Ledger Trial Balance Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1-10). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
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