SERIAL 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: 101 106 126 128 131 163 167 201 Cash Accounts Receivable Computer Supplies Prepaid Insurance Prepaid Rent Office Equipment Computer Equipment Accounts Payable 301 302 403 623 655 676 684 699 Aster Turane, Capital Aster Turane, Withdrawals Computer Services Revenue Wages Expense Advertising Expense Mileage Expense Repairs Expense, Computer 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, 2014, as well as a balance sheet at October 31, 2017. 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 $8,540 cash for one year's premium on a property and liability insurance policy 6 Billed Norton Electric $3.300 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 Bited 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