Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 CHECK FIGURE: 4. Total Dr. = $176,230 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 1 2 6 9 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 T-accounts): Cash (101); Accounts Re- ceivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131): Office Equipment