8 9 Oct. 1 Aster Turane invested $45,000 cash, a $19,200 computer system, and $15,000 of office equipment in the business. 2 Paid six months of rent in advance: $12,000. 3 Purchased computer supplies on credit for $1,975 from Triple-One Supplies 5 Paid $8,640 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric $6,300 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 $375 to repair equipment damaged when moving into the new office 20 Paid $1,950 for an advertisement in the local newspaper. 22 Received the balance owing from Norton Electric on its account. 28 Billed Whistler Resort $9.400 for services. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. 5 On October 1, 2017Aster Turane organized a computer service company called Aster 6 Systems. Aster is organized as a sole proprietorship and will provide consulting services, computer 7 system installations, and custom program development Aster Systems has adopted the calendar year 8 for reporting, and expects to prepare the company's first set of financial statements as of 9 Oct 31, 2017. The initial chart of accounts for the accounting system includes these items: 10 Account Account 11 Number Account Name Number Account Name 12 101 Cash 302 Aster Turane, Withdrawals 13 106 Accounts Receivable 403 Computer Services Revenue 14 126 Computer Supplies 623 Wages Expense 15 128 Prepaid Insurance 625 Rent Expense 16 131 Prepaid Rent 626 Insurance Expense 17 163 Office Equipment 655 Advertising Expense 167 Computer Equipment 676 Mileage Expense 19 170 Accumulated Depreciation 684 Repairs Expense, Computer 20 201 Accounts Payable 698 Depreciation Expense 21 301 Aster Turane, Capital 699 Charitable Donations Expense 22 23 Required Please anwser all MCQ based on the following business transactions. 24 Please do all adjustment entries before you anwer your MCQ questions. 5 The expected useful life of computer system and office equipment are 5 years. 6 There is no residual value for all equipments Please use the straight-line method for the depreciation. 18