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 $93,000 cash from each of the two shareholders to form the corporation, in addition to $3,300 in accounts receivable, $7,900 in equipment, a van (equipment) appraised at a fair value of $15,600, and $1,850 in supplies. Gave the two owners each 760 shares of common stock with a par value of $1 per share.

b.Purchased a vacant store for sale in a good location for $490,000, making a $98,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.

c.Borrowed $63,000 from the local bank on a 10 percent, one-year note.

d.Purchased food and paper supplies costing $12,800 in March; paid cash.

e.Catered four parties in March for $5,500; $1,860 was billed and the rest was received in cash.

f.Sold food at the retail store for $17,550 cash.

g.Used food and paper supplies costing $11,090.

h.Received a $550 telephone bill for March to be paid in April.

i.Paid $493 in gas for the van in March.

j.Paid $8,880 in wages to employees who worked in March.

k.Paid a $430 dividend from the corporation to each owner.

l.Purchased $63,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $26,500 (added to the cost of the building); paid cash.

Required:

2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March.

There are many tables need to fill. Thanks.