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:

Received $97,000 cash from each of the two shareholders to form the corporation, in addition to $3,700 in accounts receivable, $8,700 in equipment, a van (equipment) appraised at a fair value of $16,400, and $2,050 in supplies. Gave the two owners each 840 shares of common stock with a par value of $1 per share.

Purchased a vacant store for sale in a good location for $530,000, making a $106,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.

-Borrowed $67,000 from the local bank on a 10 percent, one-year note.

-Purchased food and paper supplies costing $13,600 in March; paid cash.

-Catered four parties in March for $5,900; $1,940 was billed and the rest was received in cash.

-Sold food at the retail store for $17,750 cash.

-Used food and paper supplies costing $11,170.

-Received a $590 telephone bill for March to be paid in April.

-Paid $533 in gas for the van in March.

-Paid $9,680 in wages to employees who worked in March.

-Paid a $470 dividend from the corporation to each owner.

-Purchased $67,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $28,500 (added to the cost of the building); paid cash.

REQUIRED: answer each column : Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March.

Gourmet, Incorporated. The following transactions occurred in March: a. Received $97,000 cash from each of the two sharoholders to form the corporation, in addition to $3,700 in accounts receivable, $8,700 in equipment, a van (equipment) appraised at a fair value of $16,400, and $2,050 in supplies. Gave the two owners each 840 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $530,000, making a $106,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrownd $67,000 from the local bank on a 10 percent, one-yoar note. d. Purchased focd and paper supplies costing $13,600 in Marche paid cash. e. Catered four parties in March for $5,900;$1,940 was billed and the rest was received in cash. f. Sold food at the retail store for $17,750 cash. 9. Used food and paper supplies essting $11,170. h. Aeceived a $590 telephone bill for Mareh to be paid in April. i. Peid $533 in gas for the van in March. j. Paid $9,680 in wages to employees who worked in March. k. Paid a $470 dividend from the corporation to each owner. 1. Purchased $67,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renowated and decorated the new store for $28,500 (added to the cost of the buildingk paid cash. Required: 2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March