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Question 1: Georgia Supply Corporation, a merchandising firm, prepared the following trial balance as of October 1: Debit Credit Cash S150,000 Account Receivable 21.540 Inventory 32.680 Land 15.400 Building 14.000 Account Payable $9.190 Mortgage Payable 23,700 Common Stock 140,000 Retained Earnings 60.730 Totals $233.620 $233.620 Georgia Supply engaged in the following transactions during October 2017. The company records inventory using perpetual system. Oct. 1 Sold merchandise on account to the Tracker Corporation for S12,000: Terms 2/10, 1/30. Tracker paid $350 freight on goods. Merchandise cost $6,850 Oct. 5 Purchased inventory costing $10,250 on account; terms n 30 Oct. 7 Received payment from Tracker for goods shipped October 1. Oct. 15 The payroll paid for the first half of October was $22,000. (Ignore payroll taxes) Oct. 18 Purchased a machine for $8,600 cash. Oct. 22 Declared a dividend of 0.45 per share on 45,000 shares of common stock outstanding Oct. 27 Purchased building and land for $125,000 in cash and a $225,000 mortgage payable, due in 30 years. The land was appraised at S150,000 and the building at $300,000 Required: a) Prepare journal entries for each transaction and record the October transactions directly to the T-accounts. b) Prepare T-accounts for all accounts including initial balances from accounts in the trial balance and any new accounts from the current transactions. Show the ending balances in the T-accounts. c) Prepare a trial balance at the end of October 31