Problem 2-12A Journalizing, posting, preparing a trial balance and financial statements LO1, 3, 4, 5, 6 Taylor Smith is a singer who has experienced international success in her career. On May 1, 2023, Taylor started her business, Glitter and Gold Studio, where she teaches singing. The following activities occurred during July, the third month of operations: July 1 purchased supplies including sheet music on credit for $350. 2 Collected $5, e90 in advance for singing lessons to be delivered in August. 3 Collected \$2,50e for teaching singing lessons in July. 4 Paid $3,500 to rent her muisic studio for the month of July. 5 Paid $750 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $600 to do some personal shopping on the reekend. 20 Paid her assistant wages of $1,300. 31 Purchased new microphone equipment on credit for $550. Required: 1. Prepare journal entries to record the July transactions. Journal entry worksheet 4 5 6 Record purchase of supplies on account; $350. Note: Enter debits before credits. 283. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30,2023. Cash (101) $6,500; Supplies (126) \$1,200; Equipment (161) \$8,500; Accounts Payable (201) \$2,000; Unearmed Teaching Revenue (233) \$10,300; Taylor Smith, Capital (301) \$3,500; Taylor Smith, Withdrawals (302) \$13,500, Teaching Reverne (401) \$47,500; Wages Expense (623) $27,100; and Rent Expense (640)$6,500 4. Prepare a trial balance at July 31, 2023. 5. Use the trial balance to prepare an income statement and statement of changes in equity for the three months ended July 31,202 : as well as a balance sheet at July 31,2023 . GLITTER AND GOLD STUDIO Statement of Changes in Equity For Three Months Ended July 31, 2023