Business, 25.02.2020 19:50 Dekyraaa

Problem 2-7A Complete the steps in the measurement of external transactions. 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 $3,000.
March 3 Purchase sewing equipment by signing a note with the local bank, $2,700.
March 5 Pay rent of $600 for March.
March 7 Martha, a customer, places an order for alterations to several dresses. Ute estimates that the alterations will cost Martha $800. Martha is not required to pay for the alterations until the work is complete.
March 12 Purchase sewing supplies for $130 on account. This material will be used to provide services to customers.
March 15 Ute delivers altered dresses to Martha and receives $800.
March 19 Ute agrees to alter 10 business suits for Bob, who has lost a significant amount of weight recently. Ute receives $700 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 $95 for the current period. March 31 Pay dividends of $150 to stockholders.

Record the journal entry

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Problem 2-7A Complete the steps in the measurement of external transactions. Below are the transacti...

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