Question

Required information 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 Issue common stock in exchange for cash of $1,100. March ) Purchase saving equipment by signing a note with the local bank, $800. March 5 Pay Tent of $410 for March. March 7 Martha, a customer places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $610. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $111 on account. This material will be used to provide services to customers. March 15 Ute delivere altered dresses to Martha and receives $610. March 19 Ute agrees to alter 10 business suite for Bob, who has lost significant amount of weight recently. Ute receives $510 tron bob and promises the site to be completed by March 25. March 25 Ute delivers 10 altered business suits to Bob. March 30 Pay utilities of $76 for the current period. March 31 Pay dividends of 555 to stockholders. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at March 31. Supplies Beg Ba End B End, Bal Equipment Accounts Payable Beg Bal Beg Ba End

Answer 1

Answer:

Cash					Supplies
Beg. Bal.	0				Beg. Bal.	0
Mar 1	$1,100	$410	Mar 5		Mar 12	$111
Mar 15	$610	$76	Mar 30
Mar 19	$510	$55	Mar 31
End. Bal.	$1,679				End. Bal.	$111
Equipment					Accounts payable
Beg. Bal.	0				Beg. Bal.		0
Mar 3	$800						$111	Mar 12
End. Bal.	$800				End. Bal.		$111
Deferred Revenue					Notes payable
Beg. Bal.		0			Beg. Bal.		0
Mar 25	$510	$510	Mar 19				$800	Mar 3
End. Bal.	0				End. Bal.		$800
Common stock					Dividends
Beg. Bal.		0			Beg. Bal.	0
		$1,100	Mar 1		Mar 31	$55
End. Bal.		$1,100			End. Bal.	$55
Service Revenue					Rent Expense
Beg. Bal.		0			Beg. Bal.	0
		$610	Mar 15		Mar 5	$410
		$510	Mar 25
End. Bal.		$1,120			End. Bal.	$410
Utilities Expense
Beg. Bal.	0
Mar 30	$76
End. Bal.	$76