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 y 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 Account Number Account Name 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 Hent 655 Advertising Expense 163 Office Equipmen 676 Mileage Expense 167 Computer Equipment 684 Repairs Expense, Computer 201 Accounts Payable 699 Chartable 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 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 ability insurance policy 6 Bed Norton Electric $3.300 for installing a new computer system 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 ont 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 Bed 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. 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 statement and a statement of changes in equity for the two months ended 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 Langara Lodge for computer services rendered 5 Purchased $420 of computer supplies for cash from Triple-One Supplies 8 Bided Dinwoody Entertainment $4.230 for computer services rendered 13 Notified by Kinetta Groceries that Aster's bid of $5.950 for an upcoming project was accepted 18 Received $4,200 from Whistler Resort against the bill dated October 28 22 Donated $500 to the Hope Mission in the company's name 24 Completed work for Kinsella Groceries and sent a bill for the agreed amount 25 Sent another bill to Whistler Resort for the past due amount of $2,200 28 Reimbursed Aster Turane's business automobile expense for 1,080 Nilometres at $1.60 per kilometre 30 Paid Donald Gee for 17 days work 30 Aster Turane withdrew $1,400 cash from the business for personal use