The Edenton Company is a retail company that began operations on October 1,2024 , when it incorporated in the state of North Carolina. The Edenton Company is authorized to issue 150,000 Following is the chart of accounts for The Edenton Company. As a new business, all beginning balances are $0. shares of $1 par value common stock and 70,000 shares of 4%,$60 par value preferred stock. The company sells a product that includes a one-year warranty and records estimated warranty (Click the icon to view the chart of accounts.) payable each month. Customers are charged a 5% state sales tax. The company uses a perpetual inventory system. There are three employees that are paid a monthly salary on the last 2024 , its first year of operations: day of the month. (Click the icon to view the transactions.) Read the requirements. Oct. 1 Issued a $160,000,10-year, 11\% mortgage payable for land with an existing store building. Mortgage payments of $2,000 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $120,000; Building, $40,000. Oct. 1 Issued a one-year, 9% note payable for $13,200 for store fixtures. The principal and interest are due October 1, 2025. Oct. 3 Purchased merchandise inventory on account from Top Notch for $120,000, terms n/30. Oct. 15 Paid $140 for utilities. Oct. 31 Recorded cash sales for the month of $140,000 plus sales tax of 5%. The cost of the goods sold was $84,000 and estimated warranty payable was 9%. Oct. 31 Recorded October payroll and paid employees. Oct. 31 Accrued employer payroll taxes for October. Nov. 1 Paid the first mortgage payment. Nov. 3 Paid Top Notch for the merchandise inventory purchased on October 3. Nov. 10 Purchased merchandise inventory on account frm Top Notch for $160,000, terms n/30. Nov. 12 Purchased 600 shares of treasury stock for $13 per share. Nov. 15 Paid all liabilities associated with the October 31 payroll. Nov. 15 Remitted (paid) sales tax from October sales to the state of North Carolina. Nov. 16 Paid $5,000 to satisfy warranty claims. Nov. 18 Paid $450 for utilities. Nov. 27 Paid the cash dividends. Nov. 30 Recorded cash sales for the month of $190,000 plus sales tax of 5%. The cost of the goods sold was $114,000 and estimated warranty payable was 9%. Nov. 30 Recorded November payroll and paid employees. Nov. 30 Accrued employer payroll taxes for November. Dec. 1 Paid the second mortgage payment. Dec. 10 Paid Top Notch for the merchandise inventory purchased on November 10. Dec. 12 Paid $7,700 to satisfy warranty claims. Dec. 15 Sold 100 shares of treasury stock for $19 per share. Dec. 15 Paid all liabilities associated with the November 30 payroll. Dec. 15 Remitted (paid) sales tax from November sales to the state of North Carolina. Dec. 18 Paid $180 for utilities. Dec. 19 Purchased merchandise inventory on account from Top Notch for $100,000, terms n/30. Dec. 31 Recorded cash sales for the month of $260,000 plus sales tax of 5%. The cost of the goods sold was $156,000 and estimated warranty payable was 9%. Dec. 31 Recorded December payroll and paid employees. Dec. 31 Accrued employer payroll taxes for December