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J. Kamas and G, Chartiar have been operating a cotering business for several years, In March, the partners plon to expand by opering a retal sales shop. They have decided to form the business as a corporation called Traveling Gourmer. hocorporated. The foliowing transactions occurred in March: a. Received 580,000 cash from each of the two shareholders to form the corporation, in addition to 52.000 in accounts receivable. $5,300 in equipment, a van (equipment appraised at a far value of $13,000, and $1,200 in supp sos. Gotve the two omeres eoch 500 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good focdion for $360,000, makang 7.572,000 cach down poymens and signing a to-year: mortgoge note from a local bank for the rest. c. Borrowed $50,000 from the local bank on a 10 percent, one-year note. d. Purchased food and paper supplies costing 10,200 in March, paid cash. e. Catered four partes in March for $4,200,$1,600 was baled and the rest was recetred in cash t. Sold food at the retail store for $16,900eash. 9. Used food and paper supplies costing $10,830. h. Recelved 4$420 telephone bill for March to be paid in Apil. 1. Paid $363 in 9 as for the wan in March. 1. Paid $6.280 in wages to employens who woked in March k. Paid a $300 dividend frem the corporation to each ownee. 1. Purchased $50.000 of equipment Gefrigerated depploy coses, cabinets, tabies, and chairs and renovated and decorated the new store for $20,000 (added to the cost of the buldingi, paid casit. Requiled: 2. Record in the T-accounts the effects of ench transaction for Trayeing Goumet, incorporated, in Mareh

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