On October 1, 2017, Aster Turane organized a computer service company called Aster Systems. Aster is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 101 Cash Account Name 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 170 Accumulated Depreciation 201 Accounts Payable 301 Aster Turane, Capital Account Number 302 403 623 625 626 655 676 684 698 699 Account Name $12,000 of office equipment in the business. 2 Paid six months of rent in advance: $12,000. Aster Turane, Withdrawals Computer Services Revenue Wages Expense Rent Expense Insurance Expense Advertising Expense Mileage Expense Repairs Expense, Computer Depreciation Expense Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions Please do all adjustment entries before you anwer your MCQ questions. The expected useful life of computer system and office equipment are 5 years. There is no residual value for all equipments Please use the straight-line method for the depreciation. Oct. 1 Aster Turane invested $46,000 cash, a $18,000 computer system, and 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 $6,300 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 $1,950 for an advertisement in the local newspaper. 22 Received the balance owing from Norton Electric on its account. 28 Billed Whistler Resort $9.400 for services. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. 1.Balance Of office equipment at the month end? 2.Balnce Of total liabilities and equity at the end of month? 3.Advertising expense is this month? 4.Balance of Computer Suplies account at the month end? 5. Balance of total current assets at the month end? 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 101 Cash Account Name 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 170 Accumulated Depreciation 201 Accounts Payable 301 Aster Turane, Capital Account Number 302 403 623 625 626 655 676 684 698 699 Account Name $12,000 of office equipment in the business. 2 Paid six months of rent in advance: $12,000. Aster Turane, Withdrawals Computer Services Revenue Wages Expense Rent Expense Insurance Expense Advertising Expense Mileage Expense Repairs Expense, Computer Depreciation Expense Charitable Donations Expense Required Please anwser all MCQ based on the following business transactions Please do all adjustment entries before you anwer your MCQ questions. The expected useful life of computer system and office equipment are 5 years. There is no residual value for all equipments Please use the straight-line method for the depreciation. Oct. 1 Aster Turane invested $46,000 cash, a $18,000 computer system, and 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 $6,300 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 $1,950 for an advertisement in the local newspaper. 22 Received the balance owing from Norton Electric on its account. 28 Billed Whistler Resort $9.400 for services. 31 Paid Donald Gee for nine days' work. 31 Aster Turane withdrew $1,200 cash from the business for personal use. 1.Balance Of office equipment at the month end? 2.Balnce Of total liabilities and equity at the end of month? 3.Advertising expense is this month? 4.Balance of Computer Suplies account at the month end? 5. Balance of total current assets at the month end?
Expert Answer:
Answer rating: 100% (QA)
1 Balance of Office Equipment at the month end Beginning ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
On October 1, 2020, Mary Graham organized a computer service company called Echo Systems. Echo is organized as a sole proprietorship and will provide consulting services, computer system...
-
On October 1, 2020, Ballister Dorth organized a computer service company called Ballister Systems. Ballister is organized as a sole proprietorship and will provide consulting services, computer...
-
The following is the complete set of financial statements prepared by Oberlin Corporation: Notes to Financial Statements 1. Goodwill is not being reviewed for impairment. The goodwill was acquired in...
-
In Exercises 130, find the domain of each function. f(x) = 1 4 x - 2 3
-
What is your opinion regarding the ethics of product placements (e.g., cigarettes, alcohol) in movies targeted at children? Identify the arguments on both sides of the issue, and then present your...
-
What is ecopreneurship and how does ecovision play a role? Outline some specific recommendations for entrepreneurs to consider that promote environmental awareness.
-
Show that the pure shrinkage estimator (Problem 9.25) is the solution to Data From Problem 9.25 The pure shrinkage estimator is defined as \(\hat{\beta}_{s}=c \hat{\beta}\), were \(0 \leq c \leq 1\)...
-
A British warship fires a projectile due south near the Falkland Islands during Word War I at latitude 50oS. If the shells are fired at 37o elevation with a speed of 800 m/s, by how much do the...
-
appears below. Service revenue Operating expenses $ 900,000 700,000 200,000 50,000 Income before income taxes $ 150,000 Income tax expense Net income The following balance sheet information also is...
-
For the network of Fig. 7.86, determine: a. VGSQ and IDQ b. VDS, VD, VC and VS. 12 V 22 kQ Gso 1 1.6 k FIG. 7.86
-
Write a class named Dog that contains: Three member variables named breed, age, sex and maturity where breed, sex and maturity are strings and age is an integer. Accessor and mutator functions for...
-
Paulo draws a check for $500 payable to the order of Mary. Mary indorses the check in blank and transfers it to Sam. Sam presents the check to First National Bank, the drawee, for payment. If the...
-
Which of the following does NOT add to U.S. GDP? a. Boeing manufactures and sells a plane to Air France. b. General Motors builds a new auto factory in North Carolina. c. The city of New York pays a...
-
On an automated teller machine (ATM) belonging to USA Bank, Sven placed a card-skimming device to pull information from the magnetic strips of users debit cards. The device then transmitted the...
-
Which of the following is NOT true about the Federal Reserve? a. It was established by the U.S. Constitution. b. It regulates the banking system. c. It lends to banks. d. It can own government bonds.
-
Adriana buys three $300 television sets from Gail, paying with a check. That night, one of the sets explodes. Adriana phones City Bank, the drawee, and orders a stop payment. The next day, Gail...
-
Insomniacs incorporated reported the following information: Predetermined overhead application rate: $8.30 per machine hour Actual overhead rate: $8.50 per machine hour Estimated machine hours:...
-
A consumer magazine is evaluating five brands of trash compactors for their effectiveness in reducing the volume of typical household products that are discarded. In the experiment, each block...
-
Lewis Printing has projected its sales for the first 8 months of 2019 as shown in the table below. Lewis collects 20 percent of its sales in the month of the sale, 50 percent in the month following...
-
In 2022, President Joe Biden and Congress passed legislation that would give some buyers of electric vehicles a \($7,500\) tax credit that they could use to reduce the federal income taxes they would...
-
What should be a key consideration while selecting a short-term credit?
Study smarter with the SolutionInn App