10:31 Version 8.xlsx Ch2 - Aster Systems CUMULATIVE PROBLEM - Aster Systems On October 1, 2017. Aster Turane organized a computer service company called Aster Systems. Aster is organized as a sole proprietorship and will provide consulting services, computer system installations, and custom program development. Aster Systems has adopted the calendar year for reporting, and expects to prepare the company's first set of financial statements as of Oct. 31, 2017. The initial chart of accounts for the accounting system includes these items: Account Account Name Number 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 201 Accounts Payable Account Account Name Number 301 Aster Turane, Capital 302 Aster Turane, Withdrawals 403 Computer Services Revenue 623 Wages Expense 655 Advertising Expense 676 Mileage Expense 684 Repairs Expense, Computer 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions Oct. 1 Aster Turane invested $50,000 cash, a $18,000 computer system, and $17,000 of office equipment in the business. 2 Paid six months of rent in advance; $9,000. Purchased computer supplies on credit for $1,975 from Triple-One Supplies Paid $24,000 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric $11,300 for installing a new computer system. 8 Paid for the computer supplies purchased from Triple-One Supplies 10 Hired Donald Gee as a part-time assistant for $345 per day, as needed. 12 Billed Norton Electric another $1,850 for computer services rendered 15 Received $1,650 from Norton Electric on its account. 17 Paid $400 to repair equipment damaged when moving into the new office 20 Paid $2,400 for an advertisement in the local newspaper 22 Received the balance owing from Norton Electric on its account. 28 Billed Whistler Resort $6,400 for services. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. 11:15 LTE Ringer = 6 of 17 38:12 / 01:00:00 How much is the net income is this month? 15645 10145 11145 16645 Next kaX 11:15 LTE Quiz 1-8-ADJ 14 of 17 38:27 / 01:00:00 What is the balance of total fixed assets at the month end? 32000 31000 34000 O 35000 Next kaX 11:15 LTE Quiz 1-8-ADJ = 3 of 17 37:56 / 01:00:00 What is the balance of total liabilities and equity at the month end? 93945 94445 92945 091945 Next kaX 11:14 LTE Quiz 1-8-ADJ = 2 of 17 37:30 / 01:00:00 What is the balance of the cash account at the month end? 21070 31655 29600 O 20070 Next kaX
