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:

1. 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.
2. 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.
3. Borrowed $65,000 from the local bank on a 10 percent, one-year note.
4. Purchased food and paper supplies costing $13,200 in March; paid cash.
5. Catered four parties in March for $5,700; $1,900 was billed and the rest was received in cash.
6. Sold food at the retail store for $17,650 cash.
7. Used food and paper supplies costing $11,130.
8. Received a $570 telephone bill for March to be paid in April.
9. Paid $513 in gas for the van in March.
10. Paid $9,280 in wages to employees who worked in March.
11. Paid a $450 dividend from the corporation to each owner.
12. 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, Incorporated, in March.