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
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
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