Homework: Unit 4 Project (Instructor may require this to be Save core:0 of 50 pts 1 of 1 (0 complete) MN Score: 0%, 0 of 50 pt Comp14-1 (similar to) Question Help The Kinston Company is a retail company that began operations on October 1, Following is the chart of accounts for The Kinston Company. As a new business, 2018, when it incorporated in the state of North Carolina. The Kinston Company all beginning balances are $O is authorized to issue 150,000 shares of $1 par value common stock and 55,000 shares of 3%, $20 par value preferred stock The company sells a product that includes a one-year warranty and records estimated warranty payable each month. Customers are charged a 7% state sales tax. The company uses a perpetual inventory system. There are three employees that are paid a monthly(Click the icon to view the transactions) salary on the last day of the month EB (Click the icon to view the chart of accounts) The Kinston Company completed the following transactions during the last quarter of 2018, its first year of operations: Read the requirements Requirement 1a. in preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued on October 1. Round interest calculations to the nearest doilar Beginning Principal Balance Expense Balance 0/01/2018 1/1/2018 01/01/2019 s during the last ncludes a one-year wa nonth. Customers are erpetual inventory sys salary on the last dayo The Tusquittee Company Chart of Accounts Cash Merchandise Inventory Land Building Dividends Payable -Common Notes Payable Mortgages Payable Common Stock- -$1 Par Value Paid-in Capital in Excess of Par-Common Paid-in Capital from Treasury Stock Transactions Retained Earnings le issued on October Requirement 1a. In pre 1. Round interest calcu Begin ures Accumulated Depreciation Accounts Payable nter any number in t Print Done 4 Pats Answer More Info is 150 Nov. 1 Paid the first mortgage payment. io arra ch 3 Paid Tip Top for the merchandise inventory purchased on October 3. 10 Purchased merchandise inventory on account from Tip Top for $180,000, terms n/30. 12 Purchased 900 shares of treasury stock for $20 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 $2.500 to satisfy warranty claims. 17 Declared cash dividends of $1 per outstanding share of common stock 18 Paid $240 for utilities. 27 Paid the cash dividends. 30 Recorded cash sales for the month of $200,000 plus sales tax of 7%. The cost of the goods of th lat nni anc cnld was S 12n nn and ectimatad warranh, navahla wac S%. Print Done