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The Tusquittee Company is a retail company that began operations on October when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue shares of $ par value common stock and shares of $ par value preferred stock. The company sells a product that includes a oneyear warranty and records estimated warranty payable each month. Customers are charged a state sales tax. The company uses a perpetual inventory system. There are three employees who are paid a monthly salary on the last day of the month. General journal
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