Recording Transactions in T-Accounts Georgia Supply Corporation, a merchandising firm, prepared the following tri Cash Deblt Credit $150,000 Inventory.. .. Land 21,540 32,680 15,400 14,000 Accounts Payable. Mortgage Payable.... $ 9,190 23,700 140,000 60,730 Retained Earnings Totals $233,620 $233,620 Georgia Supply engaged in the following transactions during October 2015. The company records inventory using the perpetual system. Oct. 1 Sold merchandise on account to 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 15 The payroll paid for the first half of October was $22,000. (Ignore payroli 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 $125,000 in cash and a $225,000 mortgage payable, due in 30 years The land was appraised at $150,000 and the building at $300,000. 1. 2. 3. Prepare T-accounts for all items in the October 1 trial balance and enter the initial balances. Record the October transactions directly to the T-accounts. Prepare a new trial balance as of the end of October