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 nitial chart of accounts for the accounting system includes these hem Account Name Account Number Account Name 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Ofice Equipment 167 Computer Equipment 201 Accounts Payable 301 Aster Turne, Capital Account Number 302 403 623 655 678 678 579 684 699 Aster Turane. Withdrawals Computer Services Revenge Wages Expense Advertising Expense Mileage Expense Rent Expense Insurance Expense Repairs Expense. Computer Charitable Donations Expense Required Please anwser at MC based on the following business transactions Please adjust the prepaid accounts before answering the MCO Oct 1 Aster Turane invested $45,000 cash a $15,040 computer system and $13.000 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 56.300 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 $346 per day, as needed. 12 Billed Norton Electric another 51.850 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 59.400 for services 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1.200 cash from the business for personal use. What is the balance of the prepaid insurance account at the month end? 8640 7600 7920 7640 Next