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 Account Number Account Name 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 Equipient 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 $50,000 cash, a $17,000 computer system, and $16,000 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 $12,000 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric $10.300 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 $1,950 for computer services rendered 15 Received $1,650 from Norton Electric on its account 17 Paid $400 to repair equipment damaged when moving into the new office 20 Paid $2,200 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. What is the balance of the office equimpent account at the month end? 15040 12000 15000 16000 2 2 3 What is the balance of the total assets at the month end? 90145 91645 92655 91145 How much is the total expense is this month? 8705 8305 5705 8205 What is the balance of the prepaid insurance account at the month end? 11000 8600 13000 12000 File Edit View History Bookmarks Window Help hanson.s Schoology Version 10.xlsx | Schoology Paraphrasing Tool Quiz 1-10-ADJ How much is the advertising expense is this month? 2200 2100 2000 1900 sh Support What is the balance of the prepaid rent account at the month end? 10000 6500 7500 8000 How much is the net income is this month? 9745 10345 9845 12865 What is the balance of total current assets at the month end? 58145 60645 57145 58645 What is the balance of the cash account at the month end? 30270 32270 31270 29270 How much is the wage expense is this month? 5040 3105 65960 13550 What is the balance of total fixed assets at the month end? 34000 33000 31000 32000 How much is the computer service revenue is this month? 17550 15550 18550 OO 19550 What is the balance of the accounts receivable at the month end? 6400 9400 7400 8400 How much is the repairs expense is this month? 750 400 760 375 What is the balance of total liabilities and equity at the month end? 91645 91145 90145 92145 What is the balance of the computer equipment account at the month end? 16000 17000 35040 15040 What is the balance of the computer supplies account at the month end? 1875 1775 1975 1675
