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 $100,000 cash from each of the two shareholders to form the corporation, in addition to $4,000 in accounts receivable, $9,300 in equipment, a van (equipment) appraised at a fair value of $17,000, and $2,200 in supplies Gave the two owners each 900 shares of common stock with a par value of $1 per share Purchased a vacant store for sale in a good location for $560,000, making a $112,000 cash down payment and signing a 10 year mortgage from a local bank for the rest Borrowed $70,000 from the local bank on a 10 percent, one year note Purchased and used food and paper supplies costing $14,830 in March paid cash Catered four parties in March for $6,200 $2,000 was billed, and the rest was received in cash Made and sold food at the retail store for $12,900 cash Received a $620 telephone bill for March to be paid in April Paid $563 in gas for the van in March Paid $10,280 in wages to employees who worked in March Paid a $500 dividend from the corporation to each owner Purchased $70,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $30,000 (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 Compute ending balances Cash Accounts Receivable Beg Bal 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 0 End Bal 0 Note Payable Mortgage Payable Beg Bal Beg Bal End Bal 0 End Bal Common Stock Additional Paid in Capital Beg Bal Beg Bal End Bal End Bal Retained Earnings Food Sales Revenue Beg Bal Beg Bal End Bal End Bal Catering Sales Revenue Supplies Expense Beg Bal Beg Bal End Bal End Bal Utilities Expense Wages Expense Beg Bal Beg Bal End Bal End Bal 0 Fuel Expense Beg Bal End Bal

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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 $100,000 cash from each of the two shareholders to form the corporation, in addition to $4,000 in accounts receivable, $9,300 in equipment, a van (equipment) appraised at a fair value of $17,000, and $2,200 in supplies. Gave the two owners each 900 shares of common stock with a par value of $1 per share.
Purchased a vacant store for sale in a good location for $560,000, making a $112,000 cash down payment and signing a 10-year mortgage from a local bank for the rest.
Borrowed $70,000 from the local bank on a 10 percent, one-year note.
Purchased and used food and paper supplies costing $14,830 in March; paid cash.
Catered four parties in March for $6,200; $2,000 was billed, and the rest was received in cash.
Made and sold food at the retail store for $12,900 cash.
Received a $620 telephone bill for March to be paid in April.
Paid $563 in gas for the van in March.
Paid $10,280 in wages to employees who worked in March.
Paid a $500 dividend from the corporation to each owner.
Purchased $70,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $30,000 (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. Compute ending balances.

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Cash Accounts Receivable Beg. Bal. 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. 0 End. Bal. 0 Note Payable Mortgage Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. Common Stock Additional Paid-in Capital Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Food Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Catering Sales Revenue Supplies Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Utilities Expense Wages Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Fuel Expense Beg. Bal. End. Bal