Required information Problem 2-7A Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) [The following information applies to the questions displayed below.] 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 $1,200. March 3 Purchase sewing equipment by signing a note with the local bank, $900. March 5 Pay rent of $420 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $620. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $112 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $620. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $520 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 $77 for the current period. March 31 Pay dividends of $60 to stockholders.