Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval 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             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 totaling $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 $1,430for the month’s utility bill Required: Prepare journal entries to record the transactions. Use page 1 for the journal. 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 (1310; Office Equipment (163); Accounts Payable (201); Elizabeth Wong Capital (301); Elizabeth Wong; withdrawals (302); Services Revenue (403); Wages Expense (623); and Utilities ( Expense 609) Post the entries to accounts and balance after each posting Prepare a trail balance Answer it asap and carefully please and thank you

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Elizabeth Wong has strong problem solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for serval 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

            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 totaling $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 $1,430for 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 (1310; Office Equipment (163); Accounts Payable (201); Elizabeth Wong Capital (301); Elizabeth Wong; withdrawals (302); Services Revenue (403); Wages Expense (623); and Utilities ( Expense 609)
  3. Post the entries to accounts and balance after each posting
  4. Prepare a trail balance

Answer it asap and carefully please and thank you 

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