CUMULATIVE PROBLEM - Aster Systems 1 of 1 On October 1, 2017 Asser Turane organized a computer service company called Aster Systems Aster is organized as a sole proprietorship and will provide consulting computer system installations, and custom program development. Aster Systems has adopted the calendaye 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 terms Account Account Number Account Name Number Account Name 101 Cash 302 Ar Turane Withdrawal 106 Accounts Receivable 4.00 Computer Services Revenue 126 Computer Supplies 623 Wages Expense 128 Prepaid Insurance 625 Hent Expense 131 Prepaid Rent 626 Insurance Expense 163 Office Equipment 655 Advertising Expense 167 Computer Equipment 676 Mileage Expense 170 Accumulated Depreciation 684 Repars Expense. Computer 201 Accounts Payable 698 Depreciation Expense 301 Aster Tutane. Capital 899 charitable Donations Expense Required Please awer all MC based on the following business transactions Please do all adjustment entries before you awer your MCQ Questions The expected useful life of computer system and office equipment are 5 years There is no residual value for all equipments Please use the straight-ine method for the depreciation Oct. 1 Aster Turane invested $16.000 cash, a $18,000 .computer system, and $12.000 of office equipment in the business 2 Poid six months of rent in avance: $12.000 3Purchased computer supplies on credit for $1.975 trom Triple-One Supplies SPaid 58.640 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric 56,300 for installing a new computers 8Paid for the computer supplies purchased from TrigleOne Supplies 10 Hired Donald Gee as a part-time stant for 5345 per day, as needed 12 Dited Nonton Electric another $1.850 for computer services rendered 15 Recewed 51.650 from Norton Electric on its account 17 Paid $375 to repair equipment damaged when moving in the new office 20 Paid $1.950 for an advertisement in the local newspaper 22 Received the balance owing from Norton Election is account 2 Bilied 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 personale CUMULATIVE PROBLEM - Aster Systems 1 of 1 On October 1, 2017 Asser Turane organized a computer service company called Aster Systems Aster is organized as a sole proprietorship and will provide consulting computer system installations, and custom program development. Aster Systems has adopted the calendaye 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 terms Account Account Number Account Name Number Account Name 101 Cash 302 Ar Turane Withdrawal 106 Accounts Receivable 4.00 Computer Services Revenue 126 Computer Supplies 623 Wages Expense 128 Prepaid Insurance 625 Hent Expense 131 Prepaid Rent 626 Insurance Expense 163 Office Equipment 655 Advertising Expense 167 Computer Equipment 676 Mileage Expense 170 Accumulated Depreciation 684 Repars Expense. Computer 201 Accounts Payable 698 Depreciation Expense 301 Aster Tutane. Capital 899 charitable Donations Expense Required Please awer all MC based on the following business transactions Please do all adjustment entries before you awer your MCQ Questions The expected useful life of computer system and office equipment are 5 years There is no residual value for all equipments Please use the straight-ine method for the depreciation Oct. 1 Aster Turane invested $16.000 cash, a $18,000 .computer system, and $12.000 of office equipment in the business 2 Poid six months of rent in avance: $12.000 3Purchased computer supplies on credit for $1.975 trom Triple-One Supplies SPaid 58.640 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric 56,300 for installing a new computers 8Paid for the computer supplies purchased from TrigleOne Supplies 10 Hired Donald Gee as a part-time stant for 5345 per day, as needed 12 Dited Nonton Electric another $1.850 for computer services rendered 15 Recewed 51.650 from Norton Electric on its account 17 Paid $375 to repair equipment damaged when moving in the new office 20 Paid $1.950 for an advertisement in the local newspaper 22 Received the balance owing from Norton Election is account 2 Bilied 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 personale