2 Lab Saved Help Save & Exit Submit bok t FROCKS 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 Resources Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following transactions during May 2023: May 1 Invested $67,000 in cash and office equipment that had a fair value of $40,000 in the business. 1 Prepaid $12,000 cash for three months' rent for an office. 2 Made credit purchases of office equipment for $20,000 and office supplies for $4,000. 6 Completed a report on hiring solutions for a client and collected $7,200 cash. 9 Completed a $15,200 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. 19 Paid $6,700 cash for the annual premium on an insurance policy. 22 Received $12,000 as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $4,480 on credit. 25 Paid wages for May totalling $30,000. 31 Withdrew $4,200 cash from the business to take a trip to Paris in June. 31 Purchased $1,200 of additional office supplies on credit. 31 Paid $1,320 for the month's utility bill. Required: 1 Prenare imurnal entries to record the transactions.