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 $101,000 cash from each of the two shareholders to form the corporation, in addition to $4,100 in accounts receivable, $9,500 in equipment, a van (equipment) appraised at a fair value of $17,200, and $2,250 in supplies. Gave the two owners each 920 shares of common stock with a par value of $1 per share.

Purchased a vacant store for sale in a good location for $570,000, making a $114,000 cash down payment and signing a 10-year mortgage from a local bank for the rest.

Borrowed $71,000 from the local bank on a 10 percent, one-year note.

Purchased and used food and paper supplies costing $15,030 in March; paid cash.

Catered four parties in March for $6,300; $2,020 was billed, and the rest was received in cash.

Made and sold food at the retail store for $12,950 cash.

Received a $630 telephone bill for March to be paid in April.

Paid $573 in gas for the van in March.

Paid $10,480 in wages to employees who worked in March.

Paid a $510 dividend from the corporation to each owner.

Purchased $71,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $30,500 (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. Compute ending balances.

30.00 common Schwenning com 100 from the local bank.com.cn L. Vlade and food the retail store Carpenter for End Beya Bug Bu Best Como End