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CUMULATIVE PROBLEM - Aster Systems 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, 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 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 201 Accounts Payable Account Number Account Name 301 Aster Turane, Capital 302 Aster Turane. Withdrawals 403 Computer Services Revenue 623 Wages Expense 655 Advertising Expense 676 Mileage Expense 684 Repairs Expense. Computer 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions. Oct. 1 Aster Turane invested $46,000 cash, a $16,000 computer system, and $15,000 of office equipment in the business. 2 Pald six months of rent in advance: $9,000. 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 58,300 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 $375 to repair equipment damaged when moving into the new office 20 Paid $2,000 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. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. ha NSON COURSES GROUPS RESOURCES GRADES Quiz 1-4 How much is the net income is this month? 11070 6120 10070 7120 hansoncollegebc.schoology.com HANSON COURSES GROUPS RESOURCES GRADES COLLEGE Quiz 1-4 POS What is the balance of total liabilities and equity at the month end? 65960 65900 82870 86870 1 1 2 3 4 5 6 7 What is the balance of the cash account at the month end? 29600 28600 29855 23905 What is the balance of the prepaid rent account at the month end? 9000 24000 6000 8000 What is the balance of the computer equipment account at the month end? 35040 15040 25040 O 16000 How much is the repairs expense is this month? 750 760 350 375 How much is the net income is this month? O 11070 6120 O 10070 7120 What is the balance of total liabilities and equity at the month end? 65960 65900 82870 86870 CUMULATIVE PROBLEM - Aster Systems 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, 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 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 201 Accounts Payable Account Number Account Name 301 Aster Turane, Capital 302 Aster Turane. Withdrawals 403 Computer Services Revenue 623 Wages Expense 655 Advertising Expense 676 Mileage Expense 684 Repairs Expense. Computer 699 Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions. Oct. 1 Aster Turane invested $46,000 cash, a $16,000 computer system, and $15,000 of office equipment in the business. 2 Pald six months of rent in advance: $9,000. 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 58,300 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 $375 to repair equipment damaged when moving into the new office 20 Paid $2,000 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. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. ha NSON COURSES GROUPS RESOURCES GRADES Quiz 1-4 How much is the net income is this month? 11070 6120 10070 7120 hansoncollegebc.schoology.com HANSON COURSES GROUPS RESOURCES GRADES COLLEGE Quiz 1-4 POS What is the balance of total liabilities and equity at the month end? 65960 65900 82870 86870 1 1 2 3 4 5 6 7 What is the balance of the cash account at the month end? 29600 28600 29855 23905 What is the balance of the prepaid rent account at the month end? 9000 24000 6000 8000 What is the balance of the computer equipment account at the month end? 35040 15040 25040 O 16000 How much is the repairs expense is this month? 750 760 350 375 How much is the net income is this month? O 11070 6120 O 10070 7120 What is the balance of total liabilities and equity at the month end? 65960 65900 82870 86870

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