Recording Transactions in T-Accounts Georgia Supply Corporation, a merchandising firm, prepared the following trial balance as of October 1: Cash Accounts Receivable Inventory Land Building Accounts Payable Mortgage Payable Common Stock Retained Earnings. Totals Debit Credit $150,000 21,540 32,680 15,400 14,000 $ 9,190 23,700 140,000 60,730 $233,620 $233,620 Georgia Supply engaged in the following transactions during October 2013. The company records inventory using the perpetual system. Oct. 1 Sold merchandise on account to the Tracker Corporation for $12,000; terms 2/10, n/30, FOB shipping point. Tracker paid $350 freight on the goods. The merchandise cost $6,850. 5 Purchased inventory costing $10,250 on account; terms n/30. 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.) 18 Purchased a machine for $8,600 cash. 22 Declared a dividend of $0.45 per share on 45,000 shares of common stock outstanding. 27 Purchased building and land for $62,500 in cash and a $112,500 mortgage payable, due in 30 years. The land was appraised at $75,000 and the build- ing at $150,000. 1. Prepare T-accounts for all items in the October 1 trial balance and enter the ini- tial balances. 2. Record the October transactions directly to the T-accounts. 3. Prepare a new trial balance as of the end of October.