- Problem 2 7a Preparing And Posting Journal Entries Preparing A Trial Balance Lo3 4 5 6 Elizabeth Wong Has Strong Pro 1 (33.58 KiB) Viewed 11 times
- Problem 2 7a Preparing And Posting Journal Entries Preparing A Trial Balance Lo3 4 5 6 Elizabeth Wong Has Strong Pro 2 (42.09 KiB) Viewed 11 times
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 Certified Human Res Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed th transactions during May 2020: May 1 Invested $77,000 in cash and office equipment that had a fair value of $50,000 in the business. 1 Prepaid $15,000 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $25,000 and office supplies for $5,000. 6 Completed a report on hiring solutions for a client and collected $8,200 cash. 9 Completed a $16,200 project implementing a training program for a client, who will pay within 30 days. 10 Paid half of the account payable created on May 2.1 19 Paid $7,700 cash for the annual premium on an insurance policy. 22 Received $13,000 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $5,480 on credit.. 25 Paid wages for May totalling $35,000. 31 Withdrew $5,200 cash from the business to take a trip to Paris in June. 31 Purchased $1,700 of additional office supplies on credit. 31 Paid $1,420 for the month's utility bill. Required: 1. Prepare journal entries to record the transactions. View transaction list Journal entry worksheet 1. 2 3 4 5 13 6 7 8 *****