On a separate piece of paper complete Problem 2-7A on page 136. Using your answer drag the correct answers to the missing numbers in the ledgers below. Acct # Accounts Receivable 106 Date Explanation 2020, May 9 22 PR Debit $ Credit $ Balance $ G1 16,300 16,300 G1 13,100 3,200 25 G1 5,580 8,780 Accounts Payable Acct # 201 Date Explanation 2020, May 2 10 PR Debit $ Credit $ Balance $ G1 30,600 30,600 G1 15,300 15,300 17,050 31 G1 1,750 29,400 || -3,200 || -2,380 || 45,900 || 13,550 Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 CHECK FIGURE: 4. Total Dr. = $176,230 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: 6 9 May 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 office. 2 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. 10 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. 25 Developed a performance review process for another client for $5,580 on credit. 25 Paid wages for May totalling $35,500. 31 Withdrew $5,300 cash from the business to take a trip to Paris in June. 31 Purchased $1,750 of additional office supplies on credit. 31 Paid $1,430 for the month's utility bill. Required 1. Prepare journal entries to record the transactions. Use page 1 for the journal. 2. Set up the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Re- ceivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment 136 CHAPTER 2 Analyzing and Recording Transactions (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
