Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

May. 1 Lopez invested $90,000 cash along with office equipment valued at $28,000 in the company.

May. 2 The Company prepaid $8,000 cash for 12 months rent for office space.

May. 3 Company made credit purchases for $7,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.

May. 6 The Company completed services for a client and immediately received $4,000 cash.

May. 9 Company completed a $5,000 project for a client, who must pay within 30 days.

May. 10 The Company paid a local newspaper $550 cash for printing an announcement of the offices opening.

May. 11 The Company paid $1,840 cash for the office secretarys wages for this period.

May. 12 Paid the following cash expenses: salaries, $4,000; rent, $2,500; and interest, $440

May. 13 The company paid $10,600 cash to settle the account payable created on April 3.

May. 19 The company paid $2,400 cash for the premium on a 12-month insurance policy.

May. 22 The company received $5,400 cash as partial payment for the work completed on April 9.

May. 25 The company completed work for another client for $2,890 on credit.

May. 28 Lopez withdrew $5,500 cash from the company for personal use.

May. 29 The company purchased $700 of additional office supplies on credit.

May. 30 The company paid $639 cash for this months utility bill.

Required:

1. Prepare general journal entries to record these transactions

2. Post the journal entries to the ledger accounts.