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Required information Skip to question [The following information applies to the questions displayed below.] Below are the transactions for Ute Sewing Shop for March, the
Required information
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[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 $2,400. | ||
March | 3 | Purchase sewing equipment by signing a note with the local bank, $2,100. | ||
March | 5 | Pay rent of $540 for March. | ||
March | 7 | Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $740. Martha is not required to pay for the alterations until the work is complete. | ||
March | 12 | Purchase sewing supplies for $124 on account. This material will be used to provide services to customers. | ||
March | 15 | Ute delivers altered dresses to Martha and receives $740. | ||
March | 19 | Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $640 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 $89 for the current period. | ||
March | 31 | Pay dividends of $120 to stockholders. |
Required: 1. Record each transaction.
some are correct some are wrong, can't remember which tho
No Date General Journal Debit Credit 1 March 01 Cash 2,400 2 March 03 Equipment 2,100 3 March 05 Rent Expense 540 4 March 07 Accounts Payable 124 5 March 12 Supplies 124 6 March 15 Service Revenue 1,380 7 March 19 Common Stock 2,400 8 March 25 Notes Payable 2,100 9 March 30 Utilities Expense 89 10 March 31 Dividends 120Step by Step Solution
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