Problem 2-7A Complete the steps in the measurement of external transactions (LO2-4,2-5, 2-6) (GL) 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 $2,300. March 3 Purchase sewing equipment by signing a note with the local bank, $2,000. March 5 Pay rent of $530 for March March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $ 730. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $123 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $730. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $630 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 $88 for the current period. March 31 Pay dividends of $115 to stockholders. Requirement General Journal General Ledger Trial Balance Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Issue common stock in exchange for cash of $2,300. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Record entry Clear entry View general journal General Ledger Account Data is not available until journal entries have been entered. Journal Ledger UTE SEWING SHOP Trial Balance March 31, 2018 Account Title Debit Credit Total $ 0 $ 0