E3-15 Analyzing the Effects of Transactions in T-Accounts LO3-4 The following tran Lisa Frees and Amelia Elinger have been operating a cate ng busines8 or several oocurred in March: ears In March the partners an to expand by opening a retail sales shop. They have decided to orm the business as a oorporation caled Traveling Gourmet nc. sactions a. Received $93,000 cash from each of the two shareholders to form the corporation, in addiion to $3,900 in accounts receivable, $9,100 in equipment a van (equipment) appra sed at a fair value of $16,800, and $2,150 in suppies. Gave the two owners each 880 shares of in supplies. Gave the two common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $550,000, making a $110,000 cash down payment and signing a 10-year mortgage from a local bank for the rest a. Borrowed $69,000 from the local bank on a 10 percent, ane-year note d. Purchased and used food and paper supplies costing $14,830 in Marah; paid cash o, Catered four parties in March for $8,100; $1,980 was biled, and the rest was receved in cash. 1. Made and sold food at the retall store for $12,850 cash g. Received a $610 telephone bill for March to be paid in April. h. Paid $553 in gas for the van in March. i. Paid $10,080 in wages to employees who warked in March. j. Paid a$4 iidend fram the corporation to each owner k. Purchased $69,000 of equipment (nefrigerated dsplay cases, cabinets, tables, and chairs) and renovatod and decorated the new store for $29,500 added to the cost o the building) paid cash. Required: 2. Record in the T-accounts the effects of each transaction far Traveling Gaurmet, InG., in March. Compute ending balances