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. 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. 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

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 three months ended july 31 .2017,as well as abalance sheet at july 31,2017