Help 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 $95.000 cash from each of the two shareholders to form the corporation. In addition to $3,500 in accounts receivable, $8,300 in equipment, a van (equipment) appraised at a fair value of $16,000 and $1.950 in supplies. Gave the two owners each 800 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $510,000, making a $102,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $65.000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $13,200 in March; paid cash. e. Catered four parties in March for $5,700, 91,900 was billed and the rest was received in cash. f. Sold food at the retail store for $17,650 cash: the food and paper supplies used cost $11,130. (Hint: Record the revenue effect separate from the expense effect.) g. Received a $570 telephone bill for March to be paid in April. h. Pald $513. in gas for the van in March, I. Paid $9,280 in wages to employees who worked in March, j. Pald a $450 dividend from the corporation to each owner. k. Purchased $65,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $27.500 (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. Cash Accounts Recevable Beg. Bal Beg. Bal. End. Bal. 0 0 LULUWUNCLmheducation.com%252Fplace -NNECT Assignment 3 Saved Help 5 Cash Accounts Receivable Beg. Bal. Beg. Bal its End. Bal. 0 0 eBook End. Bal 0 Hint Supplies Equipment Beg. Bal. Print Beg. Bal. ferences End. Bal. 0 End. Bal Building Accounts Payable Beg. Bal Beg. Bal End. Bal. End. Bal 0 Note Payable Mortgage Payable Beg. Bal Beg. Bal. ECT Assignment 3 Saved Help Common Stock Additional Paid-in Capital Beg. Bal Beg Bal End. Bal 0 End. Bal 0 Retained Earnings . Food Sales Revenue Beg. Bal. ok Beg Bal. End. Bal. 0 End. Bal Catering Sales Revenue Supplies Expense int Beg. Bal. Beg Bal nonces End. Bal 0 End. Bal. Utilities Expense Wages Expense Beg. Bal Beg. Bal End. Bal. 0 End. Bal Fuel Expense Beg. Bal. ICAR