The Tusquitte Company is a retail company that began operations on October 1, 2018, when it incorporated in the state of North Carolina. The Tusquitte 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 warranty 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. Following is the chart of accounts for The Tusquittee Company. As a new business, all beginning balances are S0. The Tusquittee Company Chart of Accounts Cash Merchandise Inventory Land Building Store Fixtures Notes Payable Mortgages Payable Common Stock $1 Par Value Paid-In Capital in Excess of Par Common Paid-In Capital from Treasury Stock Transactions Retained Earnings Treasury Stock Common Cash Dividends Sales Revenue Cost of Goods Sold Salarics Expense Payroll Tax Expense Udilities Espense Depreciation Expensc Warranty Expense Income Tas Expense Interest Expense Accounts Payable Employee Income Taxes Payable FICA OASDI Taxes Payable FICA -Medicare Taxes Payable Employee Health Insurance Payable Federal Unemployment Taxes Payable State Unemployment Taxes Payable Income Tax Payable Sales Tax Payable Estimated Warranty Payable Interest Payable