CUMULATIVE PROBLEM - Aster Systems This comprehensive problem starts in this chapter and continues in Chapters 3.4 and 5 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 December 31, 2017. The initial chart of accounts for the accounting system includes these items: Account Account Account Name Number Account Name Number 101 Cash 301 Aster Turane, Capital 106 Accounts Receivable 302 Aster Turane, Withdrawals 126 Computer Supplies 403 Computer Services Revenue 128 Prepaid Insurance 623 Wages Expense 131 Prepaid Rent Advertising Expense 163 Office Equipment Mileage Expense 167 Computer Equipment 684 Repairs Expense. Computer 201 Accounts Payable 699 Charitable Donations Expense 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. 655 676 Oct. 1 Aster Turane invested $32,000 cash, a $5,040 computer system, and $12,000 of office equipment in the business. 2 Paid six months of rent in advance: $9,300. 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 106814.000 policy 6 Billed Norton Electric , 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 $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