A B C D E F G H I J K L Award: 20.00 points Problems? Adjust credit for all students. Taylor Smith is a singer who has experienced international success in her career. On May 1, 2020, Taylor started her business, Glitter and Gold Studio, whe teaches singing. The following activities occurred during July, the third month of operations: July 1 Purchased supplies including sheet music on credit for $200. Collected $6,200 in advance for singing lessons to be delivered in August. Collected $3,100 for teaching singing lessons in July. 4 Paid $4,100 to rent her music studio for the month of July. 5 Paid $500 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $350 to do some personal shopping on the weekend. 20 Paid her assistant wages of $2,400. 31 Purchased new microphone equipment on credit for $850. Required: 1. Prepare journal entries to record the July transactions. CREATE JOURNAL ENTRIES 283. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30, 2020: Cash (101) $7,100; Supplies (126) $1,500; Equipment (161) $9,100; Accounts Payable (201) $2,600; Unearned Teaching Revenue (233) $10,900; Taylor Smith, Capital (301) $4,100; Taylor Smith, Withdrawals (302) $14,100; Teaching Revenue (401) $49,300, Wages Expense (623) $28,000; and Rent Expense (640) $7,100. CREATE T ACCOUNTS 4. Prepare a trial balance at July 31, 2020. CREATE TRIAL BALANCE 5. Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended July 31, 2020, as well as a balance sheet at July 31, 2020. CREATE INCOME STATEMENT, STATEMENT CHANGES IN EQUITY AND BALANCE SHEET