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

""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.

Adjustments required by December 31, 2008:
(f)Insurance prepaid at 31 December 2008, a total of $ 1,290.
(g) Accrued interest on long-term investments is $ 360.
(h) The real property taxes and accrued payroll is $ 1,170.

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Accounting-8100387.xls

Trading and P/L Account M Company at December 31, 2008
Particulars
To Cost of Sales
To ShippingN Insurance
Less:- Prepaid Insurance
To Freight
To Dividend
To Interest expenses
To advertisement...

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