Question

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 $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. Prepare journal entries to record the transactions.

Answer 1

Answer:

djsksjzjkhjskkzgzjzozoz