“The balances in the accounts of M Company at December 31, 2008 are as follows: Accounts payable $ 119,000, Accounts receivable $139.200, Advertising…

“The balances in the accounts of M Company at December 31, 2008 are as follows:Accounts payable $ 119,000, Accounts receivable $139.200, Advertising expenditure $12.000, Accumulated Depreciation – Buildings $31.500,Uncollectible accounts $2.550, Buildings $315.000, Capital assets, $ 10 par $ 450.000, Cash $ 45.750, Dividends $ 12.000, Freight $10.500,Shipping and insurance $2.100, Interest expense $5.295, Interest income $1.335, Inventory, December 31, 2007 $104.850, Land $78.000, Long-term investments $12.150, Mortgage payable $43.500, Notes Payable – Short-term $24.000, Office expenses $ 28.800, Shopping $521.130, Discounts for the purchase $12.150, Retained earnings, December 31, 2007 $13.695, Sales $ 745.000, Discounts of sales $24.750, Returns of sales $14.400, Cost of sales $94.050, Articles expenses $3.450, Real property taxes and payroll $19.305.Instructions:1. Produce a worksheet of eight columns.• Analyze the economic event• Record the economic event• Report it to the general ledger• Prepare a balance sheet• Prepare adjusting entries• Prepare preliminary financial statements• Close the nominal accounts• Prepare a balance sheet after closing.2. Prepare financial statements using a worksheet of eight columns

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