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 $1,700.
march 3 purchase sewing equipment by signing a note with the local bank, $1,400.
march 5 pay rent of $470 for march.
march 7
martha, a customer, places an order for alterations to several dresses. ute estimates that the alterations will cost martha $670. martha is not required to pay for the alterations until the work is complete.
march 12
purchase sewing supplies for $117 on account. this material will be used to provide services to customers.
march 15 ute delivers altered dresses to martha and receives $670.
march 19
ute agrees to alter 10 business suits for bob, who has lost a significant amount of weight recently. ute receives $570 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 $82 for the current period.
march 31 pay dividends of $85 to stockholder
1. record each transaction
2. post each transaction to the appropriate t-accounts
3. prepare a trial balance as of march 31.