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. Required: 2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Compute ending balances. eceivab Beg. Bal Beg. Bal End. Bal Beg. Bal Beg. Bal Beg. Bal Beg. Bal Beg. Bal