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 Number Account Name Account Number Account Name 101 Cash 302 Aster Turane, Withdrawals 106 Accounts Receivable 403 Computer Services Revenue 126 Computer Supplies 623 Wages Expense 128 Prepaid Insurance 655 Advertising Expense 131 Prepaid Rent 676 Mileage Expense 163 Office Equipment 678 Rent Expense 167 Computer Equipment 679 Insurance Expense 201 Accounts Payable 684 Repairs Expense, Computer 301 Aster Turane, Capital 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions Please adjust the prepaid accounts before answering the MCQ Oct 1 Aster Turane invested $43,000 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 $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 $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

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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 Number Account Name Account Number Account Name 101 Cash 302 Aster Turane, Withdrawals 106 Accounts Receivable 403 Computer Services Revenue 126 Computer Supplies 623 Wages Expense 128 Prepaid Insurance 655 Advertising Expense 131 Prepaid Rent 676 Mileage Expense 163 Office Equipment 678 Rent Expense 167 Computer Equipment 679 Insurance Expense 201 Accounts Payable 684 Repairs Expense, Computer 301 Aster Turane, Capital 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions  Please adjust the prepaid accounts before answering the MCQ Oct  1 Aster Turane invested $43,000 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 $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 $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

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CUMULATIVE PROBLEM - Aster Systems On October 1, 2017, Aster Turane organized a computer service company called Aster Systems. Aster is organized as a sole

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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 Number	Account Name	Account Number	Account Name
101	Cash	302	Aster Turane, Withdrawals
106	Accounts Receivable	403	Computer Services Revenue
126	Computer Supplies	623	Wages Expense
128	Prepaid Insurance	655	Advertising Expense
131	Prepaid Rent	676	Mileage Expense
163	Office Equipment	678	Rent Expense
167	Computer Equipment	679	Insurance Expense
201	Accounts Payable	684	Repairs Expense, Computer
301	Aster Turane, Capital	699	Charitable Donations Expense

Required	Please anwser all MCQ based on the following business transactions.
	Please adjust the prepaid accounts before answering the MCQ

Oct. 1	Aster Turane invested $43,000 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 $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 $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.