Problem 2-7A (Algo) Complete the steps in the measurement of external transactions (LO2-4, 2-5, 2-6) (GL)
Below are the transactions for Backstitch Sewing Shop for March, the first month of operations.
March 1 Issue comnon stock in exchange for cash of $1,800.
March 3 Purchane oewing equipment by aigning a note with tbe local bank, $1,500.
March 5 Pay rent of $480 for Mareh.
March 7 Martha, a customer, places an order for alterations to aeveral drences. Backstiteh entimaten that the alterations vill cost Martha $680. Martha in not reguired to pay tor the alteration until the work is complete.
March 12 Purchase anding supplies for $118 on accoant, Thin material will be used to provide serylces to custorers.
March 15 Backstiteh deliveri altered dresses to Martha and roceiven 5660.
March 19 Mackstiteh agrees to alter 10 business saits for Dob, who han lost a algnificant anount of veight recently, Backetiteh receiven 5560 fron. llob and promines the nulte to be conpleced by March 25 .
March 25 Dackititeh deliver 10 altered busines a nultin to thob.
March 30 शay utilities of $93 for the current period.
March 31 Pay dividendn of $90 to stockholder
a. Prepare the journal entries for transactions. (If no entry is required for a transaction/event, select "No Journai Entry Required" in the first accotunt tield.)