SERIAL PROBLEM - Aster Systems This comprehensive problem starts in this chapter 2 and continues in Chapters 3, 4, and 5 On October 1, 2020, 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, 2020. The initial chart of accounts for the accounting system includes these items Account Number Account Name 101 Cash 106 Accounts Receivable 126 Computer Supplies 128 Prepaid Insurance 131 Prepaid Rent 163 Office Equipment 167 Computer Equipment 201 Accounts Payable Account Number Account Name 301 Aster Turane, Capital 302 Aster Turane, Withdrawals 403 Computer Services Revenue 623 Wages Expense 655 Advertising Expense 676 Mileage Expense 684 Repairs Expense, Computer 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, 2020, 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2020, as well as a balance sheet at October 31, 2020. 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 policy 6 Billed Norton Electric $3,300 for installing a new computer system. 8 Pald 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 5 Pad 8.640 cash for one years premium on a procerty and liabilance policy 6 Bhed Norton Electra 53,300 forining a new computer system Paid for the computer supplies purchased from Triple-One Supplies 10 Hred Donald Com a partimento per day, as needed 12 Bited Norton Electric another $1,000 for computer services rendered 15 Received $1,000 from Norton Electric on its sont 17 Paid $375 to repairement damaged when moving into the new off on 20 Paid $1,950 for an advertisement in the local newspaper 22 Received the balance owing from Norton Electric on its account 28 Blind Whiater Resort 50.400 for services 31 Paid Donald Gee for nine days' work 31 Aster Turane withdrew $1,200 cash from the business for personale Part B Required 6. Prepare journal entries to record each of the following November transactions 7. Post the November entries 8. Prepare a trial balance at November 30, 2020 9. Prepare an income sement and a statement of changes in equity for the two months onded November 30, 2020, as well as a balance sheet at Novembe 30, 2020 Nov. 1 Reimbursed Aster Turane's business automobile expense for 2.630 kilometres at $1.60 per kilometre 2 Received $7.920 cash from Langars Lodge for computer services rendered. 5 Purchased $420 of computer supplies for cash from Triple One Supplies 8 Billed Dinwoody Exviertainment 54.230 for computer services rendered 13 Notified by Kinsella Groceries that Aster's bid of $5,960 for an upcoming project was accepted. 18 Received $4,200 from Whistler Resort against the bildated October 28 22 Donated $500 to the Hope Mission in the company's name 24 Completed work for Kinsetta Groceries and sent a bil for the agreed amount 25 Sent another bil to Whistler Resort for the past due amount of $2.200 28 Reimbursed Aster Turane's business automobile expense for 1,080 kilometres at $150 per kilometre 30 Paid Donald Go for 17 days' work 30 Aster Turane withdrew $1.400 cash from the business for personal use