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 $103,000 cash from each of the two shareholders to form the corporation, in addition to $4,300 in accounts receivable, $9,900 in equipment, a van (equipment) appraised at a fair value of $17,600, and $2,350 in supplies Gave the two owners each 960 shares of common stock with a par value of $1 per share Purchased a vacant store for sale in a good location for $590,000, making a $118,000 cash down payment and signing a 10 year mortgage note from a local bank for the rest Borrowed $73,000 from the local bank on a 10 percent, one year note Purchased food and paper supplies costing $14,800 in March paid cash Catered four parties in March for $6,500 $2,060 was billed and the rest was received in cash Sold food at the retail store for $18,050 cash the food and paper supplies used cost $11,290 ( Hint Record the revenue effect separate from the expense effect ) Received a $650 telephone bill for March to be paid in April Paid $593 in gas for the van in March Paid $10,880 in wages to employees who worked in March Paid a $530 dividend from the corporation to each owner Purchased $73,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $31,500 (added to the cost of the building) paid cash Required 2 Record in the T accounts the effects of each transaction for Traveling Gourmet, Inc , in March Cash Accounts Receivable 0 0 Beg Bal (a) (c) (e) 4,300 Beg Bal (a) (e) 206,000 73,000 2,060 4,440 118,000 (b) 14,800 (d) 593 (h) 10,880 (0) 1,060 (1) 104,500 (k) (f) 18,050 End Bal 6,360 End Bal 51,657 Supplies Equipment Beg Bal (a) (d) 2,350 11,290 (f) Beg Bal (a) (k) 9,900 14,800 73,000 End Bal 5,860 End Bal 82,900 Building Accounts Payable Beg Bal Beg Bal (b) (k) 590,000 650 (9) 31,500 End Bal 621,500 End Bal 650 Note Payable Mortgage Payable Beg Bal Beg Bal 73,000 (c) 472,000 (b) End Bal 73,000 End Bal 472,000 Common Stock Additional Paid in Capital Beg Bal Beg Bal 1,920 (a) (a) End Bal 1,920 End Bal 0 Retained Earnings Food Sales Revenue Beg Bal Beg Bal 6) (f) End Bal 0 End Bal 0 Supplies Expense Assessment Tool iFrame vuruinig Sales Revenue Beg Bal Beg Bal End Bal 0 End Bal 0 Utilities Expense Wages Expense Beg Bal Beg Bal End Bal 0 End Bal 0 Fuel Expense Beg Bal End Bal 0

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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

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 $103,000 cash from each of the two shareholders to form the corporation, in addition to $4,300 in accounts receivable, $9,900 in equipment, a van (equipment) appraised at a fair value of $17,600, and $2,350 in supplies. Gave the two owners each 960 shares of common stock with a par value of $1 per share.
Purchased a vacant store for sale in a good location for $590,000, making a $118,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.
Borrowed $73,000 from the local bank on a 10 percent, one-year note.
Purchased food and paper supplies costing $14,800 in March; paid cash.
Catered four parties in March for $6,500; $2,060 was billed and the rest was received in cash.
Sold food at the retail store for $18,050 cash; the food and paper supplies used cost $11,290. (Hint: Record the revenue effect separate from the expense effect.)
Received a $650 telephone bill for March to be paid in April.
Paid $593 in gas for the van in March.
Paid $10,880 in wages to employees who worked in March.
Paid a $530 dividend from the corporation to each owner.
Purchased $73,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $31,500 (added to the cost of the building); paid cash.

Required: 2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Cash Accounts Receivable 0 0 Beg. Bal. (a) (c) (e) 4,300 Beg. Bal. (a) (e) 206,000 73,000 2,060 4,440 118,000 (b) 14,800 (d) 593 (h) 10,880 (0) 1,060 (1) 104,500 (k) (f) 18,050 End. Bal. 6,360 End. Bal. 51,657 Supplies Equipment Beg. Bal. (a) (d) 2,350 11,290 (f) Beg. Bal. (a) (k) 9,900 14,800 73,000 End. Bal. 5,860 End. Bal. 82,900 Building Accounts Payable Beg. Bal. Beg. Bal. (b) [(k) 590,000 650 (9) 31,500 End. Bal. 621,500 End. Bal. 650 Note Payable Mortgage Payable Beg. Bal. Beg. Bal. 73,000 (c) 472,000 (b) End. Bal. 73,000 End. Bal. 472,000 Common Stock Additional Paid-in Capital Beg. Bal. Beg. Bal. 1,920 (a) (a) End. Bal. 1,920 End. Bal. 0 Retained Earnings Food Sales Revenue Beg. Bal. Beg. Bal. 6) (f) End. Bal. 0 End. Bal. 0 Supplies Expense Assessment Tool iFrame vuruinig Sales Revenue Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Utilities Expense Wages Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Fuel Expense Beg. Bal. End. Bal. 0