CUMULATIVE PROBLEM - Aster SystemsThis comprehensive problem was introduced in Chapter 2 and continues in Chapters 4 and 5. If the Chapter 2 segment has not been completed, the assignment can begin at this point. After the success of its first two months, Aster Turane has decided to continue operating Aster Systems. (The transactions that occurred in these months are described in Chapter 2.)Before proceeding in December, Turane adds these new accounts to the chart of accounts forthe ledger: AccountNo.Accumulated Depreciation, Office Equipment164 Accumulated Depreciation, Computer Equipment168 Wages Payable210 Unearned Computer Services Revenue236 Depreciation Expense, Office Equipment612 Depreciation Expense, Computer Equipment613 Insurance Expense637 Rent Expense640 Computer Supplies Expense652 Required1. Prepare journal entries to record each of the following transactions for Aster Systems. Post the entries to the accounts in the ledger.Dec. 3Paid $3,800 to the Kingsway Garden Mall for the company's share of mall advertising costs for December. 3Paid $1,040 to repair the company's computer. 4Received the balance owing from Kinsetta Groceries. 10Paid Donald Gee for eight days' work at the rate of $345 per day. 14Notified by Kinsetta Groceries that Aster's bid of $6,500 on a proposed project was accepted. Kinsetta paid an advance of $3,000. 17Purchased $740 of computer supplies on credit from Triple-One Supplies. 18Sent a reminder to Dinwoody Entertainment to pay the $4,230 originally recorded on November 8. 20Completed a project for Langara Lodge and received $1,100 cash. 24-28Took the week off for the holidays. 31Received $1,800 as partial payment from Dinwoody Entertainment. 31Reimbursed Aster Turane's business automobile expenses of 1,800 kilometres at $1.60 per kilometre. 31Aster Turane withdrew $800 cash from the business. 2. Prepare adjusting entries to record the following additional information collected on December 31, 2020. Post the entries to the accounts in the ledger.Dec. 31a. 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, 2020.4. Prepare an income statement and statement of changes in equity for the three months ended December 31, 2020.5. Prepare a balance sheet as of December 31, 2020.