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: 126 Account Number Account Name 101 Cash 106 Accounts Receivable Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 201 Accounts Payable 301 Aster Turane, Capital Account Number Account Name 302 Aster Turane, Withdrawals 403 Computer Services Revenue 623 Wages Expense 655 Advertising Expense 676 Mileage Expense 678 Rent Expense 679 Insurance Expense 684 Repairs Expense, Computer 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions. Oct. 1 Aster Turane invested $49,000 cash, a $18,000 computer system, and $17,000 of office equipment in the business. 2 Paid six months of rent in advance; $9,000. 3 Purchased computer supplies on credit for $1,975 from Triple-One Supplies. 5 Paid $24,000 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric $11,300 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. 27 Paid $400 to repair equipment damaged when moving into the new office. 20 Paid $2,400 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. How much is the wage expense is this month? O 13550 65960 O 5040 O 3105 What is the balance of the computer supplies account at the month end? O 1675 O 1775 O 1875 O 1975 What is the balance of the computer equipment account at the month end? O 18000 O 16000 O 35040 O 17000 What is the balance of total fixed assets at the month end? O 31000 O 34000 O 32000 0 35000 What is the balance of the office equimpent account at the month end? 15000 O 16000 O 15040 17000 What is the balance of the cash account at the month end? O 20070 31655 29600 O 21070 What is the balance of total liabilities and equity at the month end? O 93945 O 91945 92945 O 94445 How much is the total expense is this month? 9405 O 9305 O 5805 5905 What is the balance of the prepaid insurance account at the month end? 0 24000 O 26000 0 13000 O 22000 What is the balance of the accounts receivable at the month end? O 7400 O 8400 O 6400 O 9400 How much is the computer service revenue is this month? 015550 O 18550 O 17550 O 19550 How much is the net income is this month? O 10145 11145 O 16645 O 15645 How much is the net income is this month? O 10145 O 11145 O 16645 O 15645 What is the balance of the total assets at the month end? 92615 92945 O 98445 O 96445 What is the balance of total current assets at the month end? O 61445 60445 O 63445 57945 How much is the repairs expense is this month? 750 400 0 375 760 How much is the advertising expense is this month? 0 2400 O 2200 O 2100 O 2300 What is the balance of the prepaid rent account at the month end? 0 24000 O 8000 O 7500 O 9000
