P2-7A 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 $3,000. March 3 Purchase sewing equipment by signing a note with the local bank, \$2,200. 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 Taccounts. 3. Calculate the balance of each account at March 31. 4. Prepare a trial balance as of March 31