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 Centified Human Resources Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following transactions during May 2023 . May 1 Invested $70,000 in cash and office equipment that had a fair value of $43,600 in the business. 1 Prepaid $12,990 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $21,500 and office supplies for $4,300. 6 Completed a report on hiring solutions for a client and collected $7,500 cash. 9 Completed a $15,500 project inplenenting a training prograe for a client, who wi11 pay within 30 days. 10 Pald half of the account payable created on May 2. 19 Paid $7,609 cash for the annual premium on an insurance policy. 22 Received $12,300 as partial payment for the work conpleted on May 9. 25 Developed a performance revieu process for another client for $4,780 on credit. 25 Paid wages for May totalling $31,500. 31 Withdrew $4,560 cash from the business to take o trip to Paris in June. 31 Purchased $1,350 of additional office supplies on credit. 31 Paid \$1,35e for the month's utility bill. Required: 1. Prepare journal entries to record the transactions. Journal entry worksheet 3467813 Record the investment of $70,000 in cash and office equipment that had a fair value of $43,000 in the business. Note: Enter debits before credits. 2\&3. Complete 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. Capital (301): Elizabeth Wong. Withdrawals (302): Services Revenue (403): Wages Expense (623); and Utilities Expense (690). Post the entries to the accounts. (Record the transactions in chronological order.) \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{106 : Accounts Receivable } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ 124: Office Supplies } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 128: Prepaid Insurance } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{2}{|c|}{ 131: Prepaid Rent } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 163: Office Equipment } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 201: Accounts Payable } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{4}{c|}{ 301: Elizabeth Wong, Capital } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} 302: Elizabeth Wong, Withdrawals \begin{tabular}{|l|l|l|l|l|l|} \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline G1 & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|c|c|c|} \hline \multicolumn{5}{|c|}{ 403: Services Revenue } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 623: Wages Expense } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ 690: Utilities Expense } \\ \hline Date & PR & Debit. & Credit & Balance \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline & G1 & & & \\ \hline \end{tabular} 4. Prepare a trial balance at May 31, 2023