Aster Systems On October 1, 2020, 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 December 31, 2020. The initial chart of accounts for the accounting system includes these items: Account Number Account Account Namo Number Account Name 101 Cash 301 Aster Turane, Capital 106 Accounts Receivable 302 Aster Turane, Withdrawals 126 Computer Supplies 403 Computer Services Revenue 128 Prepaid Insurance 623 Wages Expense 131 Prepaid Rent 655 Advertising Expense 163 Office Equipment 676 Mileage Expense 167 Computer Equipment 684 Repairs Expense, Computer 201 Accounts Payable 699 Charitable Donations Expense The following is a list of transactions/events during the month of October 2020. Date Oct. 1 2 3 5 Details Aster Turane invested $32,000 cash, a $5,040 computer system, and $12,000 of office equipment in the business. Paid six months of rent in advance; $9,300. Purchased computer supplies on credit for $1,975 from Triple-One Supplies. Paid $8,640 cash for one year's premium on a property and liability insurance policy. 6 Billed Norton Electric $3,300 for installing a new computer system. 8 10 12 15 Paid for the computer supplies purchased from Triple-One Supplies. Hired Donald Gee as a part-time assistant for $345 per day, as needed. Billed Norton Electric another $1,850 for computer services rendered. 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 $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. Page 1 of 2 Comprehensive Assignment #1 Possible Marks: 16 (15+1 bonus) Weight of Final Mark: 5% ACCT 1010 (Winter 2022) Due Date/Time: Friday, February 18, 2022 by 5:00 pm The assignment will consist of a total of 10 Multiple Choice or Fill-in-the-Blank questions. In order to complete each question, you will have to complete the following: 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following October transactions. 3. Post the October entries. 4. Prepare a trial balance at October 31, 2020. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2020, as well as a balance sheet at October 31, 2020. Once you are ready to complete the questions, please log into Blackboard and navigate to the Assessments Section. Select the Comprehensive Assignment #1 Folder. Within the folder will be the Assessment; this location is where you answer the questions. To assist you in the work, sample working papers have been attached. You do not need to hand in the work for the above items. Note: This is not a group assignment. Due Date/Time: Friday, February 18, 2022 by 5:00 pm Late assignments will be assessed a penalty of 10% per day. Assignments received after Monday, February 21, 2022 at 5:00 pm will result in a grade of 0%