Elizabeth Wong became a Certified Resources Human Professional (CHRP) and after working for several companies, she decided to open her own business, HR Solutions. She completed the following transactions during May 2020: May 1 10 19 22 25 25 31 31 31 ested $78.000 in cash and office equipment that had a fair value of $51,000 in the business. Prepaid $15.300 cash for three months rent for an office. Made credit purchases of office equipment for $25,500 and office supplies for $5,100. Completed a report on hiring solutions for a client and collected $8,300 cash. Completed a $16,300 project implementing a training program for a client, who will pay within 30 days. Tid half of the account payable created on May 2 800 cash for the annual premium on an insurance policy. Received $12,100 as partial payment for the work completed on May 9. Developed a nerformance review process for another client for $5,580 on credit. Peid wages for May totaling $35,500. withdrew $5,300 cash from the business to take a trip to Paris in June. Purchased $1,750 of additional office supplies on credit. Paid $1,430 for the month's utility bill Additional notes: On May 31 she recorded the May office rent and Insurance that was used up. Recognize a complete month of expense for both items. The trip to Paris was for personal reasons. Required: 1. Prepare journal entries to record the May transactions. Use page 1 for the journal. 2. Setup the following ledger accounts (use the T-account format): Cash (101), Accounts Receivable (106), Office Supplies (124), Prepaid Insurance (128), Prepaid Rent (131), Office Equipment (163), Accounts Payable (201), E.W. Capital (301), E.W. Withdrawals (302), Services Revenue (403), Wages Expense (623), Rent Expense (630), Insurance Expense (640), Utilities Expense (690) 3. Post the journal entries to the ledger accounts (ie., T-accounts) 4. Prepare a Trial Balance at May 31, 2020 5. Prepare an Income Statement 6. Prepare a Statement of Changes in Equity 7. Prepare a Balance Sheet