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CUMULATIVE PROBLEM - Aster Systems This comprohensive problom was introduced in Chapter 2 and continues in Chapters 4 and 5 . If the Chaptor 2 segment has nor been complefed, the assignment can bogin at this point CC Problem Ch. 3 - Aster-Check. Figures - At 43-Adi. Trial Balance Dr. Balance =$35,452 - At H3-Cash (account 101) = 9,174 - At \#3-Computer Supplies (account 126)=480 After the success of its first two months. Aster Turane has decided to continue operating Aster Systems. (The transactions that occured in these months are described in Chapter 2.) Before proceeding in December, Turane bdds these new accounts to the chart of accounts for the ledger: Required 1. Prepare joumal entries to record oach of the following transactions for Aster Systems. Post the entries to the accounts in the ledger. Dec. 3 Paid $3,800 to the Kingsway Garden Wail for the company's share of mall advertising costs for December 3. Paid $1,040 to repair the company's compuler. 4 Received the balance owing from Kinsetta Groceties. $5, 850 10 Paid Donald Gee for eight dBys' work at the rale of $345 per disy. 14 Notified by Kinsetta Groceries that Aster's bid of 56,500 ion a proposed project was accepted. Kinsetta paid an advance of $3,000. 17 Purchased $740 of computer suppties on credi from Triple-0ne Supplios. 18 Sent a reminder to Dimwoody Entertainment to pay the 54,23 d oniginatly recordod on November 8 . 20 Completed a project for Langara Lodge and received \$1,100 cach. 24-28 Took the week off for the holidays. 31 Recelved $1,800 as partial payment from Ditwoody Entertainment. 31. Reimbursed Aster Turane's business butomobile expenses of 1,800 kicmetres at $1,60 per klometre. 31 Aster Turane withdrew $800 cash from the business. 2. Prepare adjusting entries to record the following additional information collected on December 31,2017 . Post the entries to the accounts in the ledger. Dec. 31 a. The December 31 inventory of computer supplies was $480. b. Three months have passed since the annual insurance premium was paid. c. As of the end of the year, Donald Gee has not been paid for four days of work at the rate of $345 per day. d. The computer equipment is expected to have a five-year life with no residual value. e. The office equipment is expected to have a ten-year life with no residual value. f. Prepaid rent for three of the six months has expired. 3. Prepare an adjusted trial balance as of December 31, 2017. 4. Prepare an income statement and statement of changes in equity for the three months ended December 31,2017. 5. Prepare a balance sheet as of December 31,2017. Chapter 3 Pag 3 Part 2 Cumulative Problem Aster Systems (Cont'd.) Name Combuter Eauinment ACCOUNT NO. 167 Accumulatad Nanmainana. Unearned Computer Sanvirne Aster Turane. Canital Comnutar Sanviras Ravanua ACCOUNT NO. 403 Ineiranma Fvnanea ACCNHIT Nn 627 Rent Expense ACCOUNT NO. 640 Comnutar Sunnlias Exnense ACCOUNT NO. 652 Milaara Fvnanea ACCCOINT NO G7G Repairs Expense. Computer ACCOIINT Nn GaA Charitable Donations Exnensa ASTER SYSTEMS Statement of Changes in Equity For Three Months Ended December 31, 2017 ASTER SYSTEMS Balance Sheet December 31, 2017 CUMULATIVE PROBLEM - Aster Systems This comprohensive problom was introduced in Chapter 2 and continues in Chapters 4 and 5 . If the Chaptor 2 segment has nor been complefed, the assignment can bogin at this point CC Problem Ch. 3 - Aster-Check. Figures - At 43-Adi. Trial Balance Dr. Balance =$35,452 - At H3-Cash (account 101) = 9,174 - At \#3-Computer Supplies (account 126)=480 After the success of its first two months. Aster Turane has decided to continue operating Aster Systems. (The transactions that occured in these months are described in Chapter 2.) Before proceeding in December, Turane bdds these new accounts to the chart of accounts for the ledger: Required 1. Prepare joumal entries to record oach of the following transactions for Aster Systems. Post the entries to the accounts in the ledger. Dec. 3 Paid $3,800 to the Kingsway Garden Wail for the company's share of mall advertising costs for December 3. Paid $1,040 to repair the company's compuler. 4 Received the balance owing from Kinsetta Groceties. $5, 850 10 Paid Donald Gee for eight dBys' work at the rale of $345 per disy. 14 Notified by Kinsetta Groceries that Aster's bid of 56,500 ion a proposed project was accepted. Kinsetta paid an advance of $3,000. 17 Purchased $740 of computer suppties on credi from Triple-0ne Supplios. 18 Sent a reminder to Dimwoody Entertainment to pay the 54,23 d oniginatly recordod on November 8 . 20 Completed a project for Langara Lodge and received \$1,100 cach. 24-28 Took the week off for the holidays. 31 Recelved $1,800 as partial payment from Ditwoody Entertainment. 31. Reimbursed Aster Turane's business butomobile expenses of 1,800 kicmetres at $1,60 per klometre. 31 Aster Turane withdrew $800 cash from the business. 2. Prepare adjusting entries to record the following additional information collected on December 31,2017 . Post the entries to the accounts in the ledger. Dec. 31 a. The December 31 inventory of computer supplies was $480. b. Three months have passed since the annual insurance premium was paid. c. As of the end of the year, Donald Gee has not been paid for four days of work at the rate of $345 per day. d. The computer equipment is expected to have a five-year life with no residual value. e. The office equipment is expected to have a ten-year life with no residual value. f. Prepaid rent for three of the six months has expired. 3. Prepare an adjusted trial balance as of December 31, 2017. 4. Prepare an income statement and statement of changes in equity for the three months ended December 31,2017. 5. Prepare a balance sheet as of December 31,2017. Chapter 3 Pag 3 Part 2 Cumulative Problem Aster Systems (Cont'd.) Name Combuter Eauinment ACCOUNT NO. 167 Accumulatad Nanmainana. Unearned Computer Sanvirne Aster Turane. Canital Comnutar Sanviras Ravanua ACCOUNT NO. 403 Ineiranma Fvnanea ACCNHIT Nn 627 Rent Expense ACCOUNT NO. 640 Comnutar Sunnlias Exnense ACCOUNT NO. 652 Milaara Fvnanea ACCCOINT NO G7G Repairs Expense. Computer ACCOIINT Nn GaA Charitable Donations Exnensa ASTER SYSTEMS Statement of Changes in Equity For Three Months Ended December 31, 2017 ASTER SYSTEMS Balance Sheet December 31, 2017

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