I hope this one is clear
The Tusquittee Company completed the following transactions during the last quarter of 2018, its first year of operations: Oct. 1 1 Issued 25,000 shares of $1 par value common stock for cash of $10 per share. Issued a $20010-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 t The assers had the following market values: Land, $40,000; Building, $160,000 Issued a one-year, 10% note payable for S1000 for store fixtures. The principal and interest are due Ocsober 1, 2015. 1 3 Purchased merchandise inventory on account from Top Rate for $125,000, terms n/30. 15 Paid $160 for utilities 31 Recorded cash sales for the month of si 85000 plus sales tae of 0%. The cost of te god old was S1 1000 and estimated warranty payable was 8%. 31 Recorded October payroll and paid employees 31 Acrued employer payroll taxes for October. Nox. 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 St 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 eax from October sales to the state of North Carolina. 16 Paid $6,000 to satisfy warranty claims 17 Declared cash dividends of S1 per outstanding share of common stock. 18 Paid $245 for utilities 50,000, terms n/30 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 Nowember payroll and paid employees. Accrued employer payroll eases for November. Paid the second mortgage payment. 30 30 30 Dec. 1 10 Paid Top Rate for the merchandise inventory purchased on November 10. 12 Paid $7,500 to satisfy warranty claims 15 Sold 300 shares of treasury seock for $20 per share 15 Paid all liabilities associated with the November 30 payroll. 15 Remitted (paid) sales tax from November sales to the state of North Carolina 18 Paid $220 for utilitics 19 Purchased merchandise inventory on account from Top Rate for $90,000, terms n/30. 31 Recorded cach sales for the mo nth of S210 000plus sales tax of 0% The cost of the goods sold was $126,000 and estimated warranty payable was 8% 31 Recorded December payroll and paid employees 31 Accrued employer payroll tases for Decembet ents 1. In preparation for recording the transactions, prepare a. An amortization schedule for the first 3 months of the mortgage payable issued on October 1. Round interest calculations to the nearest dollar The Tusquittee Company completed the following transactions during the last quarter of 2018, its first year of operations: Oct. 1 1 Issued 25,000 shares of $1 par value common stock for cash of $10 per share. Issued a $20010-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 t The assers had the following market values: Land, $40,000; Building, $160,000 Issued a one-year, 10% note payable for S1000 for store fixtures. The principal and interest are due Ocsober 1, 2015. 1 3 Purchased merchandise inventory on account from Top Rate for $125,000, terms n/30. 15 Paid $160 for utilities 31 Recorded cash sales for the month of si 85000 plus sales tae of 0%. The cost of te god old was S1 1000 and estimated warranty payable was 8%. 31 Recorded October payroll and paid employees 31 Acrued employer payroll taxes for October. Nox. 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 St 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 eax from October sales to the state of North Carolina. 16 Paid $6,000 to satisfy warranty claims 17 Declared cash dividends of S1 per outstanding share of common stock. 18 Paid $245 for utilities 50,000, terms n/30 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 Nowember payroll and paid employees. Accrued employer payroll eases for November. Paid the second mortgage payment. 30 30 30 Dec. 1 10 Paid Top Rate for the merchandise inventory purchased on November 10. 12 Paid $7,500 to satisfy warranty claims 15 Sold 300 shares of treasury seock for $20 per share 15 Paid all liabilities associated with the November 30 payroll. 15 Remitted (paid) sales tax from November sales to the state of North Carolina 18 Paid $220 for utilitics 19 Purchased merchandise inventory on account from Top Rate for $90,000, terms n/30. 31 Recorded cach sales for the mo nth of S210 000plus sales tax of 0% The cost of the goods sold was $126,000 and estimated warranty payable was 8% 31 Recorded December payroll and paid employees 31 Accrued employer payroll tases for Decembet ents 1. In preparation for recording the transactions, prepare a. An amortization schedule for the first 3 months of the mortgage payable issued on October 1. Round interest calculations to the nearest dollar
