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 106 Account Account Name Number 101 Cash Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 170 Accumulated Depreciation 201 Accounts Payable 301 Aster Turane, Capital Account Account Name Number 302 Aster Turane, Withdrawals 403 Computer Services Revenue 623 Wages Expense 625 Rent Expense 626 Insurance Expense 655 Advertising Expense 676 Mileage Expense 684 Repairs Expense, Computer 698 Depreciation Expense 699 Charitable Donations Expense Required Please anwser all MCO based on the following business transactions. Please do all adjustment entries before you anwer your MCQ questions The expected useful life of computer system and office equipment are 3 years There is no residual value for all equipments Please use the straight-line method for the depreciation. Oct. 1 Aster Turane invested $42,000 cash, a $14.400 computer system, and $3,600 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 $9.400 for services. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1.200 cash from the business for personal use. Quiz 3-12-ADJDversion 7 1 of 17 00:03 / 01:30:00 ili What is the net value of the office equimpent account at the month end? 3600 3300 3400 3500 Next > How much is the advertising expense is this month? 1850 1900 1800 1950 Next How much is the net income is this month? 8650 8400 8800 8900 Next > How much is the wage expense is this month? 65960 5040 3105 13550 Next What is the balance of total fixed assets at the month end? 14500 18500 16500 17500 Next What is the balance of the prepaid rent account at the month end? 8000 12000 24000 10000 Next How much is the repairs expense is this month? 750 760 375 350 Next > What is the of the net value of conmputer equipment account at the month end? 14200 14300 14400 14000 Next What is the balance of the accounts receivable at the month end? 8400 7400 6400 9400 Next What is the balance of total liabilities and equity at the month end? 70700 67700 69700 68700 Next What is the balance of the prepaid insurance account at the month end? 7640 7920 7600 8640 Next What is the balance of the total assets at the month end? 65700 68700 O 64700 O 67700 Next > How much is the computer service revenue is this month? 12550 17550 13550 14550 Next What is the balance of total current assets at the month end? 50200 58200 60200 48900 Review
