Reference no: EM132642622
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:
May1 Invested $65,000 in cash and office equipment that had a fair value of $38,000 in the business.
1 Prepaid $11,400 cash for three months' rent for an office.
2 Made credit purchases of office equipment for $19,000 and office supplies for $3,800.
6 Completed a report on hiring solutions for a client and collected $7,000 cash. 9Completed a $15,000 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 $6,500 cash for the annual premium on an insurance policy.
22 Received $11,800 as partial payment for the work completed on May 9.
25 Developed a performance review process for another client for $4,280 on credit.
25 Paid wages for May totalling $29,000. 31Withdrew $4,000 cash from the business to take a trip to Paris in June.
31 Purchased $1,100 of additional office supplies on credit.
31 Paid $1,300 for the month's utility bill.
Required:
Question 1: Prepare journal entries to record the transactions.
Question 1: 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.)
Question 2: Do a trial balance at May 31, 2020.
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