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Problem 2 - 1 2 A Journalizing, posting, preparing a trial balance and financial statements LO 1 , 3 , 4 , 5 , 6
Problem A Journalizing, posting, preparing a trial balance and financial statements LOTaylor Smith is a singer who has experienced international success in her career. On May Taylor started her business, Glitter and Gold Studio, where she teaches singing. The following activities occurred during July, the third month of operations: JulyPurchased supplies including sheet music on credit for $Collected $ in advance for singing lessons to be delivered in August. Collected $ for teaching singing lessons in July. Paid $ to rent her music studio for the month of July. Paid $ for supplies purchased on account last month. Taylor Smith withdrew cash of $ to do some personal shopping on the weekend. Paid her assistant wages of $Purchased new microphone equipment on credit for $Required: Prepare journal entries to record the July transactions& Post the entries to the Taccounts. Use the below format Enter the balances brought forward from June : Cash $; Supplies $; Equipment $; Accounts Payable $; Unearned Teaching Revenue $; Taylor Smith, Capital $; Taylor Smith, Withdrawals $; Teaching Revenue $; Wages Expense $; and Rent Expense $ Prepare a trial balance at July Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended July as well as a balance sheet at July
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