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 2020: May 1 Invested $66,000 in cash and office equipment that had a fair value of $39,000 in the business. 1 Prepaid $11,700 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $19,500 and office supplies for $3,900. 6 Completed a report on hiring solutions for a client and collected $7,100 cash. 9 Completed a $15,100 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 $6,600 cash for the annual premium on an insurance policy. 22 Received $11,900 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $4,380 on credit, 25 Paid wages for May totalling $29,500. 31 Withdrew $4,100 cash from the business to take a trip to Paris in June. 31 Purchased $1,150 of additional office supplies on credit. 31 Paid $1,310 for the month's utility bill. Required: 1. Prepare journal entries to record the transactions. View transaction list Journal entry worksheet 8 13 113 Required: 1. Prepare journal entries to record the transactions View transaction list Journal entry worksheet < 1 5 13 Record the investment of $66,000 in cash and office equipment that had a fair value of $39,000 in the business. Note: Enter debits before credits Date May 01, 2020 General Journal Debit Credit Record entry Clear entry View general journal 2&3. Complete the following accounts (use the balance column format or T-accounts): Cash (101), Accounts Receivable (106): Office Supplies (124); Prepaid Insurance (128) Prepaid Rent (131): Office Equipment (163); Accounts Payable (201); Elizabeth Wong, Capital (301); Elizabeth Wong. Withdrawals (302); Services Revenue (403): Wages Expense (623); and Utilities Expense (690). Post the entries to the accounts. (Record the transactions in chronological order.) Date PR 101: Cash Debit Credit Balance G1 G1 G1 G1 2|2|2|2|2 G1 G1 G1 t 40 points Skipped 14 Print Date PR G1 G1 G1 128: Prepaid Insurance Date G1 G1 2556 PR G1 Debit 131: Prepaid Rent Debit Credit Balance Credit Balance 4 Date PR 40 points Sopped Print 163: Office Equipment 01 G1 01 2555 Debit Credit Balance 201: Accounts Payable Date PR G1 G1 G1 01 Debit Credit Balance 4 Date PR 40 points Sopped Print 163: Office Equipment 01 G1 01 2555 Debit Credit Balance 201: Accounts Payable Date PR G1 G1 G1 01 Debit Credit Balance 301: Elizabeth Wong, Capital 4 Date PR Debit 61 10 points Skipped Pint G1 G1 Credit Balance 302: Elizabeth Wong, Withdrawals Date PR 555 Debit Credit Balance + 40 points Skipped 14 Print Date PR 403: Services Revenue Debit G1 6555 G1 G1 Credit Balance 623: Wages Expense Date PR Debit Credit Balance G1 61 G1 st kipped Print Date PR G1 G1 G1 690: Utilities Expense Debit Credit Balance 4. Prepare a trial balance at May 31, 2020. HR SOLUTIONS Trial Balance May 31, 2020 Account Titles Debit Credit