Need help with requirement 1b. I'll attach more important i
nfo below
Issued 25,000 shares of $1 par value common stock for cash of $10 per share. issued a $200,000, 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. 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. Recorded cash sales for the month of $185,000 plus sales tax of 6%. The cost of the goods sold was $110,000 and estimated warranty payable was 8% Oct. 1 1 I 3 15 31 31 Recorded October payroll and paid employees 31 Accrued employer payroll taxes for October. Nov. 1 3 10 12 15 15 16 17 18 27 30 Paid the first mortgage payment. Paid Top Rate for the merchandise inventory purchased on October 3. Purchased merchandise inventory on account from Top Rate for $150,000, terms n/30. Purchased 500 shares of treasury stock for $15 per share. Paid all liabilities associated with the October 31 payroll. Remitted (paid) sales tax from October sales to the state of North Carolina. Paid $6,000 to satisfy warranty claims. Declared cash dividends of $1 per outstanding share of common stock. Paid $245 for utilities. 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%. 30 30 Dec. 1 Recorded November payroll and paid employees. Accrued employer payroll taxes for November Paid the second mortgage payment. 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 stock 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 utilities. 19 Purchased merchandise inventory on account from Top Rate for $90,000, terms n/30. 31 Recorded cash sales for the month of $210,000 plus sales tax of 6%. The cost of the goods 31 31 sold was $126,000 and estimated warranty payable was 8%. Recorded December payroll and paid employees. Accrued employer payroll taxes for December The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state Following is the chart of accounts for The Tusquittee Company. As a new business, all beginning balances are $0 of North Carolina. The Tuaquittee Company is authorized to issue 100,000 shares of $1 par value common stock and 50,000 shares of 5%, $50 par value preferred stock. The company sells a product that includes a one-year warranty and records estimated wamanty payable each month. Customers are charged a 6% state sales tax. The company uses a perpetual inventory system. There are three employees that are paid a monthly salary on the last day of the month. (Click the icon to view the transactions.) EEl (Click the icon to view the chart of aocounta.) The Tusquittee Company completed the following transactions during the last quarter of 2018, its first year of operations: Read the requirements. Balance Payment Expense Payment Balance 1001/2018 111/2018200,000$ 1211/2018 0101/2019 Requirement 1b. In preparation for recording the transactions prepare: Payroll registers for October, November, and December All employees worked October 1 through December 31 and are sub ec o the follo ing FICA taxes: ASDI: 6.2% on first S1 18,500 earned; Medicare: 1 .45% up lo $200,000, 2.35% on earnings above $200,000 Begin by preparina the pay register or October. Round all amounts the nearest cent omplete all answer boxes. Enter a o rany zero balances. A breviations used: Beg = Beginning Cum-Cumulative Eam-Ear ings; Med = $200,000 2,425 $ 198,908 197,809 196,703 1,092 $ 1,099 1,106 1,333 $ 1,326 1,319 198,905 2,425 197,809 Medicare; ins. Insurance; with. = Withholdings.) Earnings Current Period Withholdings Beg. Cum. Employee Ean Earnings Ending Cum. Eam. Income Health Total Net OASDI Med. Tax Ins. Pay Smith Martin Issued 25,000 shares of $1 par value common stock for cash of $10 per share. issued a $200,000, 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. 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. Recorded cash sales for the month of $185,000 plus sales tax of 6%. The cost of the goods sold was $110,000 and estimated warranty payable was 8% Oct. 1 1 I 3 15 31 31 Recorded October payroll and paid employees 31 Accrued employer payroll taxes for October. Nov. 1 3 10 12 15 15 16 17 18 27 30 Paid the first mortgage payment. Paid Top Rate for the merchandise inventory purchased on October 3. Purchased merchandise inventory on account from Top Rate for $150,000, terms n/30. Purchased 500 shares of treasury stock for $15 per share. Paid all liabilities associated with the October 31 payroll. Remitted (paid) sales tax from October sales to the state of North Carolina. Paid $6,000 to satisfy warranty claims. Declared cash dividends of $1 per outstanding share of common stock. Paid $245 for utilities. 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%. 30 30 Dec. 1 Recorded November payroll and paid employees. Accrued employer payroll taxes for November Paid the second mortgage payment. 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 stock 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 utilities. 19 Purchased merchandise inventory on account from Top Rate for $90,000, terms n/30. 31 Recorded cash sales for the month of $210,000 plus sales tax of 6%. The cost of the goods 31 31 sold was $126,000 and estimated warranty payable was 8%. Recorded December payroll and paid employees. Accrued employer payroll taxes for December The Tusquittee Company is a retail company that began operations on October 1, 2018, when it incorporated in the state Following is the chart of accounts for The Tusquittee Company. As a new business, all beginning balances are $0 of North Carolina. The Tuaquittee Company is authorized to issue 100,000 shares of $1 par value common stock and 50,000 shares of 5%, $50 par value preferred stock. The company sells a product that includes a one-year warranty and records estimated wamanty payable each month. Customers are charged a 6% state sales tax. The company uses a perpetual inventory system. There are three employees that are paid a monthly salary on the last day of the month. (Click the icon to view the transactions.) EEl (Click the icon to view the chart of aocounta.) The Tusquittee Company completed the following transactions during the last quarter of 2018, its first year of operations: Read the requirements. Balance Payment Expense Payment Balance 1001/2018 111/2018200,000$ 1211/2018 0101/2019 Requirement 1b. In preparation for recording the transactions prepare: Payroll registers for October, November, and December All employees worked October 1 through December 31 and are sub ec o the follo ing FICA taxes: ASDI: 6.2% on first S1 18,500 earned; Medicare: 1 .45% up lo $200,000, 2.35% on earnings above $200,000 Begin by preparina the pay register or October. Round all amounts the nearest cent omplete all answer boxes. Enter a o rany zero balances. A breviations used: Beg = Beginning Cum-Cumulative Eam-Ear ings; Med = $200,000 2,425 $ 198,908 197,809 196,703 1,092 $ 1,099 1,106 1,333 $ 1,326 1,319 198,905 2,425 197,809 Medicare; ins. Insurance; with. = Withholdings.) Earnings Current Period Withholdings Beg. Cum. Employee Ean Earnings Ending Cum. Eam. Income Health Total Net OASDI Med. Tax Ins. Pay Smith Martin
