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 $83,000 in cash and office equipment that had a fair value of $56,000 in the business 1 Prepaid $16,800 cash for three months rent for an office 2 Made credit purchases of office equipment for $28,000 and office supplies for $5,600 6 Completed a report on hiring solutions for a client and collected $8,800 cash 9 Completed a $16,800 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 $8,300 cash for the annual premium on an insurance policy 22 Received $13,600 as partial payment for the work completed on May 9 25 Developed a performance review process for another client for $6,080 on credit 25 Paid wages for May totalling $38,000 31 Withdrew $5,800 cash from the business to take a trip to Paris in June 31 Purchased $2,000 of additional office supplies on credit 31 Paid $1,480 for the months utility bill

Question

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 $83,000 in cash and office equipment that had a fair value of $56,000 in the business  1 Prepaid $16,800 cash for three months rent for an office  2 Made credit purchases of office equipment for $28,000 and office supplies for $5,600  6 Completed a report on hiring solutions for a client and collected $8,800 cash  9 Completed a $16,800 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 $8,300 cash for the annual premium on an insurance policy  22 Received $13,600 as partial payment for the work completed on May 9  25 Developed a performance review process for another client for $6,080 on credit  25 Paid wages for May totalling $38,000  31 Withdrew $5,800 cash from the business to take a trip to Paris in June  31 Purchased $2,000 of additional office supplies on credit  31 Paid $1,480 for the months utility bill

Accepted Answer

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May	1	Invested $83,000 in cash and office equipment that had a fair value of $56,000 in the business.
	1	Prepaid $16,800 cash for three months rent for an office.
	2	Made credit purchases of office equipment for $28,000 and office supplies for $5,600.
	6	Completed a report on hiring solutions for a client and collected $8,800 cash.
	9	Completed a $16,800 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 $8,300 cash for the annual premium on an insurance policy.
	22	Received $13,600 as partial payment for the work completed on May 9.
	25	Developed a performance review process for another client for $6,080 on credit.
	25	Paid wages for May totalling $38,000.
	31	Withdrew $5,800 cash from the business to take a trip to Paris in June.
	31	Purchased $2,000 of additional office supplies on credit.
	31	Paid $1,480 for the months utility bill.

Question

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