hi so from this qustion pictures below, i have to do the journal entrys, trial balance, income statement, statment of changes in equity, and balance sheet. im nit sure where im going wrong as i cant get my balance sheet to balance. so 2-7A and 2-8A.
ac $176.230 Moy 31. 2020, Problem 2-7A Preparing and posting journal entries CHECK FIGURE: 4. Total Dr. = Human Resources Professional (CHRP) and working for several companies, she opened her own bus Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Solutions. She completed the following transactions during May 2020: 1 Invested $78,000 in cash and office equipment that had a fair value of $51.000 in the business. 1 Prepaid $15,300 cash for three months rent for an ofice 2 Made credit purchases of office equipment for $25,500 and office supplies for $5,100. 6 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. 9 TO Paid half of the account payable created on May 2 19 Paid $7.800 cash for the annual premium on an insurance policy 22 Received $13,100 as partial payment for the work completed on May 9. Developed a performance review process for another client for 55 580 on credit. Paid 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 25 25 31 31 31 Required 1. Prepare journal entries to record the transactions. Use page 1 for the journal. 2. Set up the following accounts (uset 2 column format or T-accounts): Cash (101); Acco ceivable (106): Office Supplies Insurance (128); Prepaid Rent (131); Office Equ 36 (163); Accounts Payable (201); Elizabeth Wong. Capital (301): Elizabeth Wong. Withdrawals (302); Servi- ces Revenue (403): Wages Expense (623); and Utilities Expense (690) 3. Post the entries to the accounts and enter the balance after each posting, 4. Prepare a trial balance at May 31, 2020 Analysis Component: Utilities Expense, Services Revenue, and Elizabeth Wong. Withdrawals are equity ac- counts. Explain why Problem 2-8A Preparing financial statements from a trial balance 106 CHECK FIGURES: Loss = $6,750: Total assets - $134.000 Using the trial balance prepared for HR Solutions in Part 4 of Problem 2-7A, prepare an income statement and statement of changes in equity for the month ended May 31, 2020, and a balance sheet at May 31, 2020