please solve problem 2-8A

Problem 2-7A Preparing and posting Journal entrles; preparing a trial balance WL03, 214, 5, 976 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: May 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. 6 Completed a report on hiring solutions for a client and collected $8,300 cash. 9 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 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 Receivable (106): Office Supplies (124); Prepaid Insurance (128): Prepaid Rent (131): Office Equipment (163): Accounts Payable (201): Elizabeth Wong. Page 137 Capital (301): Elizabeth Wong. Withdrawals (302), Services 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 accounts. Explain why Problem 281 Preparing financial statements from a trial balance 106 CHECK FIGURE: 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 Problem 2-8A Preparing financial statements from a trial balance 106 CHECK FIGURE: 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