P2-7A Below are the transactions for Ute Sewing Shop for March, the first month of operations. page 102 March 1 Issue common stock in exchange for cash of $3,000. March 3 Purchase sewing equipment by signing a note with the local bank, $2,700. March 5 Pay rent of $600 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $800. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $130 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $800. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $700 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 $95 for the current period. March 31 Pay dividends of $150 to stockholders. Required: 1. Record each transaction. 2. Post each transaction to the appropriate T-accounts. 3. Calculate the balance of each account at March 31. 4. Prepare a trial balance as of March 31. Ute uses the following accounts: Cash, Supplies, Equipment, Accounts Payable, Deferred Revenue, Notes Payable, Common Stock, Dividends, Service Revenue, Rent Expense, and Utilities Expense