Comp14-1 (book/static) The company a product that The Tusquitee Company completed the following Read the requirements 12/1/2018 More Info nd Oct 1 Issued 25,000 shares of $1 par value common stock for cash of $10 per share. issued a S200.000, 10-year, 8% mortgage payable for land with an existing store building. Mortgage payments of $2,425 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $40,000; Building. $160,000 1 Issued a one-year, 10% note payable for $10,000 for store fixtures. The principal and interest are due October 1, 2019. Purchased merchandise inventory on account from Top Rate for $125,000, terms n/30 Paid $160 for utilities 31 1 g the 3 15 Recorded cash sales for the month of SI 85,000 plus sales tax of 6%. The cost of the goods sold was S 110,000 and estimated warranty payable was 8% | | 31 Recorded October payroll and paid employees 31 Accrued employer payroll axes for October Nov. 1 Paid the first mortgage payment 3 Paid Top Rate for the merchandise inventory purchased on October 3 10 Purchased merchandise inventory on account from Top Rate for $150,000, terms n/30 12 Purchased 500 shares of treasury stock for $15 per share 15 Paid all liabilities associated with the October 31 payroll 15 Remitted (paid) sales tax from October sales to the state of North Carolina 16 Paid S6,000 to satisfy warranty claims 17 Declared cash dividends of $1 per outstanding share of common stock 18 Paid $245 for utilities 27 Paid the cash dividends Recorded cash sales for the month of $140,000 plus sales tax of 6% The cost of the goods sold was $84,000 and estimated warranty payable was 8% Recorded November payroll and paid employees 30 30 30 Accrued employer payroll taxes for November hen clic PrintDone at began operations on October 1, 2018, when it Tusquitee Company is authorized to issue 100,000 shares are 5 esel 5%, s50 par value preferred stock. The company sels (Cick the icon to d records estimated warranty payable each month he company uses a perpetual inventory system There are The Tusquittee Company completed the following transactions during the last qua on the last day gl the month Following is the chart of accounts for The Tusquitee Company As a new busine of operations Data Table he t The Tusquittee Company Chart of Accounts Expense Cash Merchandise Inventory Notes Payable Land Mortgages Payable Building Common Stock-$1 Par Value Store Fitures Paid-in Capital in Excess of Par-Common Accumulated Depreciation Paid-in Capital from Treasury Stock Transactions Accounts Payable Retained Earnings Employee Income Taxes Payable Treasury FICA-OASDI Taxes Payable Cash Dividends FICA-Medicare Taxes Payable Sales Revenue Employee Health Insurance Payable Cost of Goods Sold Federal Unemployment Taxes Payable Salaries Expense State Unemployment Taxes Payable Payroll Tax Expense Income Tax Payable Usilitios Expense Depreciation Expense Sales Tax Payable then click Check At Estimated Warranty Payable Warranty Expense Income Tax Expense Interest Payable Check Ans Interest Expense K120 screen F12 F11 F10 F9 F8 F7
