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 $81,000 cash from each of the two shareholders to form the corporation, in addition to $2,100 in accounts receivable, $5,500 in equipment, a van (equipment) appraised at a fair value of $13,200, and $1,250 in supplies. Gave the two owners each 520 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $370,000, making a $74,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest. c. Borrowed $51,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing $10,400 in March; paid cash. e. Catered four parties in March for $4,300; $1,620 was billed and the rest was received in cash. f. Sold food at the retail store for $16,950 cash; the food and paper supplies used cost $10,850. (Hint: Record the revenue effect separate from the expense effect.) g. Received a $430 telephone bill for March to be paid in April. h. Paid $373 in gas for the van in March. i. Paid $6,480 in wages to employees who worked in March. j. Paid a $310 dividend from the corporation to each owner. k. Purchased $51,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,500 (added to the cost of the building); paid cash. 2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Cash Accounts Receivable Beg. Bal. I Beg. Bal. End. Bal. 0 0 End. Bal. 0 Supplies Equipment Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Building Accounts Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Note Payable Mortgage Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Additional Paid-in Capital Beg. Bal. Beg. Bal. End. Bal. T o End. Bal. Retained Earnings Food Sales Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Catering Sales Revenue Supplies Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Utilities Expense Wages Expense Beg. Bal. Beg. Bal. End. Bal. L 0 End. Bal. L o Fuel Expense Beg. Bal. End. Bal