03 J. Kamas and G. Charrier have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Incorporated. The following transactions occurred in March: a. Received $94,000 cash from each of the two shareholders to form the corporation, in addition to $3,400 in accounts receivable, $8,100 in equipment, a van (equipment) appraised at a fair value of $15,800, and $1,900 in supplies. Gave the two owners each 780 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $500,000, making a $100,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $64,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $13,000 in March; paid cash. e. Catered four parties in March for $5,600, $1,880 was billed and the rest was received in cash. f. Sold food at the retail store for $17,600 cash. g. Used food and paper supplies costing $11,110. h. Received a $560 telephone bill for March to be paid in April. 1. Paid $503 in gas for the van in March. J. Paid $9,080 in wages to employees who worked in March. k. Paid a $440 dividend from the corporation to each owner. 1. Purchased $64,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $27,000 (added to the cost of the building); paid cash. Required: 2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March. Cash Accounts Receivable) Debit Credit Debit Credit Beginning Balance Beginning Balance (a) (c) (e) 00 94 Ending Balance 0 Supplies Debit Credit Beginning Balance Ending Balance Equipment Dobit Credit Beginning Balance Ending Balance Building Debit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance 0 Accounts Payable 0 Credit Note Payable Mortgage Payable Debit Credit Debit Credit Beginning Balance Beginning Balance: Ending Balance 0 Ending Balance 0 Debit Beginning Balance Ending Balance Common Stock 0 Credit Additional Paid-in Capital Debit Credit Beginning Balance Ending Balance Retained Earnings Food Sales Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Debit Beginning Balance Ending Balance 0 Catering Sales Revenue 0 Credit Ending Balance Supplies Expense Debit Credit Beginning Balance. Ending Balance Utilities Expense Wages Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Debit Beginning Balance Fuel Expense Ending Balance Credit