What is the balance of the prepaid insurance account at the month end? O 8640 O 7640 0 7920 0 7600 23 Required Please anwser all MCQ based on the following business transactions. 24 Please do all adjustment entries before you anwer your MCQ questions, 25 The expected useful life of computer system and office equipment are 3 years. 26 There is no residual value for all equipments 27 Please use the straight-line method for the depreciation. 28 Oct 1 Aster Turane invested $42,000 cash, a $14,400 computer system, and 29 $3,600 of office equipment in the business 30 2 Paid six months of rent in advance, $12,000. 31 3 Purchased computer supplies on credit for $1,975 from Triple-One Supplies 32 5 Paid $8,640 cash for one year's premium on a property and liability insurance 33 policy 34 6 Billed Norton Electric S6,300 for installing a new computer system. 35 8 Paid for the computer supplies purchased from Triple-One Supplies 36 10 Hired Donald Gee as a part-time assistant for $345 per day, as needed 37 12 Billed Norton Electric another $1,850 for computer services rendered 38 15 Received $1,650 from Norton Electric on its account 39 17 Paid $375 to repair equipment damaged when moving into the 40 new office. 41 20 Paid S1,950 for an advertisement in the local newspaper, 42 22 Received the balance owing from Norton Electric on its account 43 28 Billed Whistler Resort $9.400 for services 44 31 Paid Donald Gee for nine days' work 45 31 Aster Turane withdrew $1,200 cash from the business for personal use. Ch2 - Aster Systems Ready 144