Please I need help no plagiarism please J. Kamas and G. Charrier have been operating a catering business for several years. In March, the partners plan to expandby opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet,Incorporated. The following transactions occurred in March:1. Received $95,000 cash from each of the two shareholders to form the corporation, in addition to $3,500 in accountsreceivable, $8,300 in equipment, a van (equipment) appraised at a fair value of $16,000, and $1,950 in supplies. Gavethe two owners each 800 shares of common stock with a par value of $1 per share.2. Purchased a vacant store for sale in a good location for $510,000, making a $102,000 cash down payment andsigning a 10-year mortgage note from a local bank for the rest.3. Borrowed $65,000 from the local bank on a 10 percent, one-year note.4. Purchased food and paper supplies costing $13,200 in March; paid cash.5. Catered four parties in March for $5,700; $1,900 was billed and the rest was received in cash.6. Sold food at the retail store for $17,650 cash.7. Used food and paper supplies costing $11,130.8. Received a $570 telephone bill for March to be paid in April.9. Paid $513 in gas for the van in March.10. Paid $9,280 in wages to employees who worked in March.11. Paid a $450 dividend from the corporation to each owner.12. Purchased $65,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated anddecorated the new store for $27,500 (added to the cost of the building); paid cash.Required:2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March.

Name: Please I need help no plagiarism please J. Kamas and G. Charrier have
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Description: Please I need help no plagiarism please J. Kamas and G. Charrier have been operating a catering business for several years. In March, the partners plan to expandby opening a retail sales shop. They have decided to form the business as a corporation c

Cash A/cPARTICULARSAMOUNTPARTICULARSAMOUNTBeg. Balance$0(2)$102,000(1)(…

Answered: 2. Record in the T-accounts the effects…

Business

Accounting

2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Incorporated, in March.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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