Answer Happy

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:
Required:
1. Prepare journal entries to record the
transactions.
Record the investment of $82,000 in cash and office equipment
that had a fair value of $55,000 in the business.
Record the $16,500 cash prepaid for three months’ rent for an
office.
Record the credit purchases of office equipment for $27,500 and
office supplies for $5,500.
Record the completion of a report on hiring solutions for a
client and collected $8,700 cash.
Record the completion of $16,700 project for a client, who will
pay within 30 days.
Record the Payment of half of the account payable created on May
2.
Record the payment of cash $8,200 for the annual premium on an
insurance policy.
Record the partial payment of $13,500 received for the work
completed on May 9.