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:

1. Received $104,000 cash from each of the two shareholders to form the corporation, in addition to $4,400 in accounts receivable, $10,100 in equipment, a van (equipment) appraised at a fair value of $17,800, and $2,400 in supplies. Gave the two owners each 980 shares of common stock with a par value of $1 per share.
2. Purchased a vacant store for sale in a good location for $600,000, making a $120,000 cash down payment and signing a 10-year mortgage from a local bank for the rest.
3. Borrowed $74,000 from the local bank on a 10 percent, one-year note.
4. Purchased and used food and paper supplies costing $15,630 in March; paid cash.
5. Catered four parties in March for $6,600; $2,080 was billed, and the rest was received in cash.
6. Made and sold food at the retail store for $13,100 cash.
7. Received a $660 telephone bill for March to be paid in April.
8. Paid $603 in gas for the van in March.
9. Paid $11,080 in wages to employees who worked in March.
10. Paid a $540 dividend from the corporation to each owner.
11. Purchased $74,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $32,000 (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. Compute ending balances.