127A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 CHECK FIGURE: 4. Total Dr. = $176,230 lizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certifi Human Resources Professional (CHRP) and working for several companies, she opened her own business, Hp Solutions. She completed the following transactions during May 2020: May 1 10 19 22 25 25 31 31 31 Invested $78,000 in cash and office equipment that had a fair value of $51,000 in the business Prepaid $15,300 cash for three months' rent for an office. Made credit purchases of office equipment for $25,500 and office supplies for $5,100. Completed a report on hiring solutions for a client and collected $8.300 cash. Completed a $16,300 project implementing a training program for a client, who will pay within 30 days! Paid half of the account payable created on May 2. Paid $7,800 cash for the annual premium on an insurance policy Received $13,100 as partial payment for the work completed on May 9. Developed a performance review process for another client for $5,580 on credit Paid wages for May totalling $35,500. Withdrew $5,300 cash from the business to take a trip to Paris in June. Purchased $1.750 of additional office supplies on credit. Paid $1.430 for the month's utility bill. Required 1. Prepare journal entries to record the transactions. Use page 1 for the journal 2. Set up the following accounts (use the balance column format or Tan ceivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid pat or T-accounts): Cash (101); Accounts Re- 28); Prepaid Rent (131); Office Equipment 136 CHAPTER 2 Analyzing and Recording Transacuu (163); Accounts Payable (201); Elizabeth Wong, Capital (301): Elizabeth Wong, Withdrawals (303) ces Revenue (403); Wages Expense (623); and Utilities Expense (690). 3. Post the entries to the accounts and enter the balance after each posting. 4. Prepare a trial balance at May 31, 2020. Analysis Component: Utilities Expense, Services Revenue and Elizabeth Wong. Withdrawals are equily ac counts. Explain why