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: Received $83,000 cash from each of the two shareholders to form the corporation, in addition to $2,300 in accounts receivable, $5,900 in equipment, a van (equipment) appraised at a fair value of $13,600, and $1,350 in supplies. Gave the two owners each 560 shares of common stock with a par value of $1 per share. Purchased a vacant store for sale in a good location for $390,000, making a $78,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. Borrowed $53,000 from the local bank on a 10 percent, one-year note. Purchased and used food and paper supplies costing $11,430 in March; paid cash. Catered four parties in March for $4,500; $1,660 was billed, and the rest was received in cash. Made and sold food at the retail store for $12,050 cash. Received a $450 telephone bill for March to be paid in April. Paid $393 in gas for the van in March. Paid $6,880 in wages to employees who worked in March. Paid a $330 dividend from the corporation to each owner. Purchased $53,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $21,500 (added to the cost of the building); paid cash.

Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Compute ending balances

Cash Accounts Receivable Beg. Bal. Beg. Bal. (b) (d) (h) (0) (a) (a) () () (e) (1) End. Bal. 0 (i) (k) End. Bal. 0 Supplies Equipment Beg. Bal (a) Beg. Bal (a) (k) End. Bal End. Bal 0 0 Accounts Payable Building Beg. Bal Beg. Bal. (b) (g) (k) End. Bal End. Bal 0 0 Note Payable Mortgage Payable Beg. Bal Beg. Bal (c) (b) End. Bal End. Bal 0 0 Additional Paid-in Capital Common Stock Beg. Bal Beg. Bal. (a) (a) End. Bal End. Bal 0 0 Additional Paid-in Capital Common Stock Beg. Bal Beg. Bal. (a) (a) End. Bal 0 End. Bal 0 Retained Earnings Food Sales Revenue Beg. Bal Beg. Bal (f) End. Bal End. Bal Catering Sales Revenue Supplies Expense Beg. Bal Beg. Bal (d) () End. Bal 0 End. Bal 0 Utilities Expense Wages Expense Beg. Bal Beg. Bal (g) (i) End. Bal End. Bal Fuel Expense Beg. Bal (h) End. Bal 0