+ V1_AsterSystems_Ch2_Question_... 4 Ch2 - Aster Systems Oct 1 Opening TB Oct CUMULATIVE PROBLEM - Aster Systems This comprehensive problem starts in this chapter and continues in Chapter 34 and 5 On October 1, 2017. Autor 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 December 31, 2017. The initial chart of accounts for the accounting system indudes these terms 301 Account Account Name Number 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 160 Orice Equipment 167 Computer Equipment 201 Accounts Payable Account Account Name Number Aster Turane, Cap 302 Astar Turane, Windows Computer Services Revenue za Wages Expense 655 Advertising Expense 676 Mileage Expense 654 Repairs Expenses Computer 699 Charitable Donations Exe Part A Required 1 Set up balance column accounts based on the chart of accounts provided 2. Prepare journal entries to record each of the following October transactions 3. Post the October entries 4. Prepare a trial balance at October 31, 2017 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2017 as well as a balance sheet at October 31, 2017 Oct. Aster Turane invested $32.000 cath, a $5,040 computer system, and $12,000 of office equipment in the business 2 Paid six months of rent in advance 59,300 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 $3,300 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 51,650 from Norton Electric on 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 56.400 for services 31 Pald Donald Gee for nine days' work 31 Astor Turane withdrew 51.200 cash from the business for personal use