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 2020: May 1 Invested $76,000 in cash and office equipment that had a fair value of $49,000 in the business. 1 Prepaid $14,700 cash for three months' rent for an office 2 Made credit purchases of office equipment for 524,500 and office supplies for $4,900 6 Completed a report on hiring solutions for a client and collected $8,100 cash. 9 Completed a 516,100 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 57,600 cash for the annual premium on an insurance policy. 22 Received $12,9ee as partial payment for the work completed on May 9. 25 Developed a performance review process for another client for $5,380 on credit. 25 Paid wages for May totalling $34,50e. 31 Withdrew $5,100 cash from the business to take a trip to Paris in June. 31 Purchased $1,650 of additional office supplies on credit. 31 Paid $1,410 for the month's utility bill. Required: 1. Prepare journal entries to record the transactions