1 ped ook rences Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following transactions during May 2023: May 1 Invested $81,000 in cash and office equipment that had a fair value of $54,000 in the business. 1 Prepaid $16,200 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $27,000 and office supplies for $5,400. 6 Completed a report on hiring solutions for a client and collected $8,600 cash. 9 Completed a $16,600 project implementing a training program for a client, who will pay within 30 days. 10 Paid half of the account payable created on May 2. 19 Paid $8,100 cash for the annual premium on an insurance policy. 22 Received $13,400 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $5,880 on credit. 25 Paid wages for May totalling $37,000. 31 Withdrew $5,600 cash from the business to take a trip to Paris in June. 31 Purchased $1,900 of additional office supplies on credit. 31 Paid $1,460 for the month's utility bill.