Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 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 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. 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. 1e 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 $5,588 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 $1,758 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