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The first three segments of this comprehensive problem were presented in Chapters 2,3 , and 4 . If those segments have not been completed, the
The first three segments of this comprehensive problem were presented in Chapters 2,3 , and 4 . If those segments have not been completed, the assignment can begin at this point. However, you should use the Working Papers 1 that accompany this text because they reflect the account balances that resulted from posting the entries required in Chapters 2, 3, and 4. Earlier segments of this problem have described how Aster Turane created Aster Systems on October 1, 2020. The company has been successful, and its list of customers has started to grow. To accommodate the growth, the accounting system is ready to be modified to set up separate 11 accounts for each customer. The following list of customers includes the account number used for 12 each account and any balance as of the end of 2020 . Wilson decid to add a fourth digit with 13 a decimal point to the 106 account number that had been used for the single Accounts 14 Receivable account. This modification allows the existing chart of accounts to continue being used. The list also shows the balances that two customers owed as of December 31,2020 : 28 In response to frequent requests from customers, Aster Turane has decided to begin selling computer 29 software. The company will extend credit terms of 1/10,n/30 to customers who purchase 30 merchandise. No cash discount will be available on consulting fees. The following additional accounts In response to frequent requests from customers, Aster Turane has decided to begin selling computer software. The company will extend credit terms of 1/10,n/30 to customers who purchase merchandise. No cash discount will be available on consulting fees. The following additional accounts were added to the General Ledger to allow the system to account for the company's new merchandising activities: Because the accounting system does not use reversing entries, all revenue and expense accounts 42 have zero balances as of January 1,2021. 43 441 If students have not purchased the Working Papers package, the Working Papers for the Serial 45 Problem are available on the Connect website.. 46 47 48 49 50 51 52 Required 53 1. Prepare journal entries to record each of the following transactions for Aster Systems, assuming 54 a perpetual system. A B C D EF 52 Required 53 1. Prepare journal entries to record each of the following transactions for Aster Systems, assuming 54 a perpetual system. 55 56 Jan. 4 Paid Donald Gee for two days at the rate of $345 per day, in addition to the four unpaid days from the prior year. 5 Aster Turane invested an additional $15,000 cash in the business. 7 Purchased $8,500 of merchandise from LedCor with terms of 1/10, n/30,FOB shipping point. 9 Received the balance owing from Dinwoody Entertainment. 11 Completed five-day project for Kinsetta Groceries and billed them $3,500, which is the total price of $6,500 less the advance payment of $3,000. 13 Sold merchandise with a retail value of $6,000 and a cost of $4,800 to Starbust Inc. with terms of 1/10,n/30, FOB shipping point. 15 Paid $375 for freight charges on the merchandise purchased on January 7. 16 Received $3,800 cash from Sharp Co. for computer services performed today. 17 Paid LedCor for the purchase on January 7. 20 Starburst Inc. returned $600 of defective merchandise from its purchase on January 13. The returned merchandise, which had a cost of $500, was scrapped. 22 Received the balance due from Starburst Inc. 24 Returned defective merchandise to LedCor and accepted credit against future purchases. Its cost, net of the discount, was $297. 26 Purchased $14,000 of merchandise from LedCor with terms of 1/10, n/30, FOB destination. 26 Sold merchandise with a cost of $6,500 for $7,800 to Lendrum Sales; 1/10,n30. 29 Received a $297 credit memo from LedCor concerning the merchandise returned on January 24. 31 Paid Donald Gee for 12 days' work at $345 per day. Feb. 1 Paid $4,650 for another three months' rent in advance at the landlord's request. 3 Paid LedCor for the balance due. 825 Paid $780 to the local newspaper for advertisina. V1_AsterSystems_Ch5_Question 2. Post the journal entries to the accounts in the company's General Ledger. (Use asset, liability, and equity accounts that start with balances as of December 31,2020 .) 3. Prepare a partial work sheet consisting of the first six columns showing the unadjustef trial balance, the March 31 adjustments described in (a) through (g) below, and the adjusted trial balance. Do not prepare closing entries and do not journalize the adjusting entries or post them to the ledger. a. The March 31 computer supplies on hand is $160. b. Three more months have passed since the company purchased the annual XX AutoSave Ooff Assignment-4 (1) - Protected View File Home Insert Page Layout Formulas Data Review View Help Acrobat (i) PROTECTED VIEW Be careful-files from the internet can contain viruses. Unless you need to edit, it's safer to stay in P1 1244 Prepare an interim single-step income statement for the three months ended March 31, 2021. 125 List all expenses without differentiating between selling expenses an general and administrative 126 expenses. 127 128 5. Prepare an interim statement of changes in equity for the three months ended March 31, 2021. 130 6. Prepare an interim classified balance sheet as of March 31,2021. \begin{tabular}{l} 130.81 \\ 132 \\ 133 \\ 134 \\ ar \\ \hline \end{tabular} V1 AsterSystems_Ch5 Question Rreachy 3C Sunny
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