LATIVE PROBLEM - Aster Systems

The first two segments of this comprehensive problem were in Chapters 2 and 3, and the final segment

is presented in Chapter 5. If the Chapter 2 and 3 segments have not been completed, the assignment

can begin at this point. It is recommended that you use the Working Papers1 that accompany this

book because they reflect the account balances that resulted from posting the entries required in

Chapters 2 and 3.

The transactions of Aster Systems for October through December 2020 have been recorded in the

problem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing

the revenue and expense accounts for 2020, the accounting system is modified to include the

Income Summary account, which is given the number 901.

Required

1. Record and post the appropriate closing entries.

2. Prepare a post-closing trial balance.

1If students have not purchased the Working Papers package, the Working Papers fo