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:
Required:
2. Record in the T-accounts the effects of each transaction for Traveling Gourmet, Inc., in March. Compute ending balances.
cash a/c | |||
particulars | debit | particulars | credit |
To capital | 200000 | building | 112000 |
short term borrowing | 70000 | stock (food & paper) | 14830 |
account receivables | 1930 | gas expenses | 563 |
sales (food) | 12900 | wages | 10280 |
refrigerator | 70000 | ||
building | 30000 | ||
balance carried forward | 47157 | ||
284830 | 284830 |
capital a/c | |||
particulars | debit | particulars | credit |
capital contributions | |||
cash | 200000 | ||
account receivables |
4000 | ||
equipment | 17000 | ||
balance carried down | 221000 | ||
221000 | 221000 |
stock a/c | |||
particulars | debit | particulars | credit |
food and papers | 14830 | by sales | 12900 |
cash a/c | 1930 | ||
14830 | 14830 |
outstanding expenses a/c | |||
particulars | debit | particulars | credit |
telephone bill | 620 | ||
interest on borrowing | 7000 | ||
balance carried down | 7620 | ||
7620 | 7620 |
common stock a/c | |||
particulars | debit | particulars | credit |
common stock | 1800 |
mortgage loan | |||
particulars | debit | particulars | credit |
by store | 448000 | ||
balance carried down | 448000 | ||
448000 | 448000 |
building | |||
particulars | debit | particulars | credit |
cash | 112000 | ||
mortgage loan | 448000 | ||
cash | 30000 | ||
balance carried down | 590000 | ||
590000 | 590000 |
current liabilities | |||
particulars | debit | particulars | credit |
short term borrowings | 70000 | ||
balance carried down | 70000 |
70000 |
account receivables | |||
particulars | debit | particulars | credit |
bal b/d | 4000 | ||
sale of food | 8200 | ||
balance carried down | 12200 | ||
12200 | 12200 |
Lisa Frees and Amelia Ellinger have been operating a catering business for several years. In March,...
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 $87,000 cash from each of the two shareholders to form the corporation, in addition to $2,700 in accounts receivable, $6,700 in equipment, a van (equipment) appraised at a fair value of $14,400,...
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: a. Received $96,000 cash from each of the two shareholders to form the corporation, in addition to $3,600 in accounts receivable, $8,500 in equipment, a van (equipment) appraised at a fair value of...
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 $83,000 cash from each of the two shareholders to form the corporation, in addition to $2,300 in accounts receivable, $5,900 in equipment, a van (equipment) appraised at a fair value of $13,600,...
Help 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: a. Received $95.000 cash from each of the two shareholders to form the corporation. In addition to $3,500 in accounts receivable, $8,300 in equipment, a van (equipment) appraised at a fair value...
Please help finish. 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: a. Received $102,000 cash from each of the two shareholders to form the corporation, in addition to $4,200 in accounts receivable, $9,700 in equipment, a van (equipment) appraised at a...
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: a. Received $103,000 cash from each of the two shareholders to form the corporation, in addition to $4,300 in accounts receivable, $9,900 in equipment, a van (equipment) appraised at a fair value of...
Required information [The following information applies to the questions displayed below.] 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: a. Received $93,000 cash from each of the two shareholders to form the corporation, in addition to $3,300 in accounts receivable, $7,900...
Required information (The following information applies to the questions displayed below.) 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: a. Received $103,000 cash from each of the two shareholders to form the corporation, in addition to $4,300 in accounts receivable, $9,900...
Required information [The following information applies to the questions displayed below. 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: a. Received $85,000 cash from each of the two shareholders to form the corporation, in addition to $2,500 in accounts receivable, $6,300...
Required information The following information applies to the questions displayed below) 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 a. Received $80,000 cash from each of the two shareholders to form the corporation. In addition to $2,000 in accounts receivable, $5,300...