Question

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 $1,600. March 3 Purchase sewing equipment by signing a note with the local bank, $1,300. March 5 Pay rent of $460 for March. March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $660. Martha is not required to pay for the alterations until the work is complete. March 12 Purchase sewing supplies for $116 on account. This material will be used to provide services to customers. March 15 Ute delivers altered dresses to Martha and receives $660. March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $560 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 $81 for the current period. March 31 Pay dividends of $80 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 $1,600. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Record entry Clear entry View general journal

Answer 1

Date	Account Title		Debit	Credit
1-Mar	Cash		1,600
	Common stock			1,600
	(Being common stock issued for cash)
3-Mar	Sewing Equipment		1300
	Bank note payable			1300
	(Being Purchase of sewing machine)
5-Mar	Rent Expense		460
	cash			460
	(Being rent paid for current mont)
12-Mar	Supplies		116
	Cash			116
	(Being Supplies purchased)
15-Mar	Cash		660
	Sales/Services			660
	(Being sale of sewed products)
19-Mar	Cash		560
	Advance received from bob			560
	(Being advance received)
25-Mar	Advance received from Bob		560
	Sales/Service			560
30-Mar	Utilities expenses		81
	cash			81
	(Being utilities expenses paid)
31-Mar	Dividends		80
	bank			80
	(Being dividends paid to stockholders)