The Kinston Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Kinston Company is authorized to issue 200,000 shares of $1 par value common stock and 60,000 shares of 6%, $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 salary on the last day of the month.

Requirement 2 & 3 Please

2.	Record the transactions in the general journal. Omit explanations.
3.	Post to the general ledger.

Oct. 1 Issued 26,000 shares of $1 par value common stock for cash of $20 per share. Issued a $250,000,10-year, 11% mortgage payable for land with an existing store building. Mortgage payments of $3,125 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $70,000; Building, Oct. 1$180,000. Issued a one-year, 8% note payable for $13,200 for store fixtures. The principal and Oct. 1 interest are due October 1, 2019. Oct. 3 Purchased merchandise inventory on account from Paramount for $132,000, terms n/30. Oct. 15 Paid $210 for utilities. Recorded cash sales for the month of $150,000 plus sales tax of 7%. The cost of the Oct. 31 goods sold was $90,000 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 Paramount for the merchandise inventory purchased on October 3. Nov. 10 Purchased merchandise inventory on account from Paramount for $190,000, terms n/30. Nov. 12 Purchased 900 shares of treasury stock for $11 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 $7,000 to satisfy warranty claims. Cash Dividends Payable-Common Merchandise Inventory Notes Payable Land Mortgages Payable Building Common Stock-\$1 Par Value Store Fixtures Paid-in Capital in Excess of Par-Common Accumulated Depreciation Paid-in Capital from Treasury Stock Transactions Accounts Payable Retained Earnings Employee Income Taxes Payable Treasury Stock-Common FICA-OASDI Taxes Payable Cash Dividends FICAMedicare Taxes Payable Sales Revenue Employee Health Insurance Payable Cost of Goods Sold Federal Unemployment Taxes Payable Salaries Expense State Unemployment Taxes Payable Payroll Tax Expense Income Tax Payable Utilities Expense Sales Tax Payable Depreciation Expense Estimated Warranty Payable Warranty Expense Interest Payable Income Tax Expense Interest Expense