34. Elizabeth Wong has strong problem-solving skills and loves to work with people. Afler 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 2020: May 1 Invested $74,000 in cash and office equipment that had a fair value of $47,000 in the business. 1 Prepaid $14,100 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $23,500 6 Completed a report on hiring solutions for a client and collected $7.900 cash. 9 Completed a $15,900 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 $7,400 cash for the annual premium on an insurance policy. 22 Received \$12,700 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $5,180 on credit. 25 Paid wages for May totalling $33,500. 31 Withdrew $4,900 cash from the business to take a trip to Paris in June. 31 Purchased $1,550 of additional office supplies on credit. 31 Paid $1,390 for the month's ublity bill. Prepare Journal Entries 35. George Littlechild started a new kitchen and bath design business called Littechild Enterprises. The following activities occurred during its first month of operations, March 2020: a. Littlechild invested $260,000 cash and office equipment valued at $40,000 in the business. b. Purchased a small building for $800,000 to be used as an office. Paid $200,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $5,000 of otfice supplies for cash. d. Purchased $92,000 of office equipment on credit. e. Littlechild made reservations at a holel hosting a kitchen and bath design conference in August 2020. He will send a $3,000 deposit on July 1, 2020 . f. Completed a project on credit and billed the client $7,200 for the work. 9. Paid a local online newspaper $5,500 for an announcement that the office had opened. h. Completed a project for a cliont and collected $6,000 cash. 1. Made a $6,000 payment on the equipment purchased in (d). j. Received $3,500 from the client described in (f). k. Paid $11,000 cash for the office secretary's wages