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, computersystem 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 December 31, 2017. The initial chart of accounts for the accounting system includes these items:

Account Number

Account Name

Account Number

Account Name101Cash301Aster Turane, Capital106Accounts Receivable302Aster Turane, Withdrawals126Computer Supplies403Computer Services Revenue128Prepaid Insurance623Wages Expense131Prepaid Rent655Advertising Expense163Office Equipment676Mileage Expense167Computer Equipment684Repairs Expense, Computer201Accounts Payable699Charitable Donations Expense RequiredPlease anwser all MCQ based on the following business transactions.Oct. 1Aster Turane invested $48,000 cash, a $17,000 computer system, and $16,000 of office equipment in the business. 2Paid six months of rent in advance; $9,000. 3Purchased computer supplies on credit for $1,975 from Triple-One Supplies. 5Paid $12,000 cash for one year's premium on a property and liability insurance policy. 6Billed Norton Electric $10,300 for installing a new computer system. 8Paid for the computer supplies purchased from Triple-One Supplies. 10Hired Donald Gee as a part-time assistant for $345 per day, as needed. 12Billed Norton Electric another $1,850 for computer services rendered. 15Received $1,650 from Norton Electric on its account. 17Paid $400 to repair equipment damaged when moving into the new office. 20Paid $2,200 for an advertisement in the local newspaper. 22Received the balance owing from Norton Electric on its account. 28Billed Whistler Resort $6,400 for services. 31Paid Donald Gee for nine days' work. 31Aster Turane withdrew $1,200 cash from the business for personal use.

choose the one correct answer

mcq question answer

What is the balance of total liabilities and equity at the month end?

92645

92645

92665

92665

92675

Item 2

How much is the total expense is this month?

5805

5805

5705

5705

5480

5480

5530

Item 3

What is the balance of the computer equipment account at the month end?

16000

16000

15040

15040

17000

17000

35040

What is the balance of total fixed assets at the month end?

34000

34000

32000

32000

31000

31000

33000

Item 5

What is the balance of the prepaid rent account at the month end?

9000

9000

6000

6000

24000

24000

8000

How much is the repairs expense is this month?

375

375

760

760

750

750

400

Item 7

How much is the net income is this month?

12845

12845

12875

12875

12855

12855

12865

What is the balance of the computer supplies account at the month end?

1975

1975

1675

1675

1775

1775

1875

What is the balance of the office equimpent account at the month end?

12000

12000

15040

15040

15000

15000

16000

What is the balance of total current assets at the month end?

58670

58670

60645

60645

59645

59645

57670

What is the balance of the accounts receivable at the month end?

9400

9400

8400

8400

7400

7400

6400

How much is the computer service revenue is this month?

18550

18550

17550

17550

19550

19550

15550

How much is the advertising expense is this month?

1900

1900

2100

2100

2200

2200

2000

How much is the wage expense is this month?

3105

3105

65960

65960

5040

5040

13550

What is the balance of the prepaid insurance account at the month end?

12000

12000

13000

13000

8640

8640

8600

What is the balance of the total assets at the month end?

92655

92655

92645

92645

92615

92615

92635

What is the balance of the cash account at the month end?

32655

32655

29600

29600

31655

31655

30270

mcq questions