E3-15 Analyzing the Effects of Transactions in T-Accounts l O3-4 Lisa Frees and Amelia Ellinger 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, Inc. The following transactions occurred in March: a. Received $85,000 cash from each of the two shareholders to form the corporation, in addition to $2,500 in accounts receivable, $6,300 in equipment, a van (equipment) appraised at a fair value of $14,000, and $1,450 in supplies. Gave the two owners each 600 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $410,000, making a $82,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. C. Borrowed $55,000 from the local bank on a 10 percent, one-year note d. Purchased and used food and paper supplies costing $11,830 in March; paid cash e. Catered four parties in March for $4,700; $1,700 was billed, and the rest was received in cas f. Made and sold food at the retail store for $12,150 cash. g. Received a $470 telephone bill for March to be paid in April. h. Paid $413 in gas for the van in March. i. Paid $7,280 in wages to employees who worked in March. j. Paid a S350 dividend from the corporation to each owner. k. Purchased $55,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $22,500 (added to the cost of the building); paid cash