Reference no: EM132721803
Question - Prepare journal entries to record the transactions
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 $65,000 in cash and office equipment that had a fair value of $38,000 in the business.
May 1 Prepaid $11,400 cash for three months' rent for an office.
May 2 Made credit purchases of office equipment for $19,000 and office supplies for $3,800.
May 6 Completed a report on hiring solutions for a client and collected $7,000 cash.
May 9 Completed a $15,000 project implementing a training program for a client, who will pay within 30 days.
May 10 Paid half of the account payable created on May 2.
May 19 Paid $6,500 cash for the annual premium on an insurance policy.
May 22 Received $11,800 as partial payment for the work completed on May 9.
May 25 Developed a performance review process for another client for $4,280 on credit.
May 25 Paid wages for May totalling $29,000.
May 31 Withdrew $4,000 cash from the business to take a trip to Paris in June.
May 31 Purchased $1,100 of additional office supplies on credit. 31Paid $1,300 for the month's utility bill.
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