activities occurred during July, the third month of operation:Tayler started her business,"Glitter and Gold Studio" where she teaches singing. The followingTayler Smith is a singer who has experienced international success in her career. On May 1,2017, July1: Purchased supplies including sheet music on credit for $100. st.July 2: Collected $4,000 in advance for singing lessons to be delivered in augu July 3: Collected $2,000 for teaching singing lessons in July. July 4: Paid $3,00e to rent her music studio for the month of July. July 5: Paid $500 for supplies purchased on account last month. July 15: Tayler Smith withdrew cash of $500 to do some personal shopping on the Eweekend. July 20: Paid her assistant wages of $1,300. July 31: Purchased new microphone equipment on credit for $300. Required:

1. Prepare journal entries to record the July transactions. 2. Set up the following general ledger accounts using T-accounts, entering the balances brought Studioforward from June 30,2017:Cash(101)$6,000;Supplies(126)$950;Equipment(161)$8,000; Accounts Payable(201)$1,500;Unearned Teaching Revenue(233)$9,800; Tayler Smith, Capital Expense(623) $26,350;and Rent Expense(640)$6,000.(301)$3,000;Tayler Smith,Withdrawals (302)$13,000; Teaching Revenue(401)$46,000; Wages

3. Post the entries to the T-accounts; calculate the ending balance in each account. 4. Prepare a trial balance at July 31, 2017. 5. Use the trial balance to prepare an income statement and statement of changes in equity for the