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, system installations, and custom program development. Aster Systems has adopted the c- 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 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 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 Renaire Cynance Camutar Anunte Donahle 684 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 $1,850 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. Con for nine days' work. 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, system installations, and custom program development. Aster Systems has adopted the c- 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 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 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 Renaire Cynance Camutar Anunte Donahle 684 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 $1,850 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. Con for nine days' work
