Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 $77,000 in cash and office equipment that had a fair value of $50,000 in the business. 1 Prepaid $15,000 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $25,000 and office supplies for $5,000. 6 Completed a report on hiring solutions for a client and collected $8, 200 cash. 9 Completed a $16,200 project implementing a training progran for a client, who will pay within 30 days. 10 Paid half of the account payable created on May 2. 19 Paid $7,700 cash for the annual premium on an insurance policy. 22 Received $13,000 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $5,400 on credit. 25 Paid wages for May totalling $35,000. 31 Withdrew $5,200 cash from the business to take a trip to Paris in June. 31 Purchased $1,700 of additional office supplies on credit. 31 Paid $1,420 for the month's utility bill. Required: 1. Prepare journal entries to record the transactions. 4
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started