Saw 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, 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 $250. 2 Collected $4,600 in advance for singing Lessons to be delivexed in August. 3 Collected $2,300 for teaching singing ons in July. 4 Paid $3.300 to rent her music studio for the month of July. 5 Paid $650 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $500 to do one personal shopping on the weekend. 20 Paid her assistant wages of $1,600. 31 Purchased new microphone equipment on credit for $150. Required: 1. Prepare journal entries to record the July transactions. View transaction list View journal entry worksheet X Debit Credit 250 250 Record purchase of supplies on account; $250. 4,600 Record collection of $4,600 for August teaching revenue. 4,600 Record collection of $2,300 for July teaching revenue. 2.300 Record payment of July rent of $3,300. 2,300 Record payment of $650 for supplies purchased on account last month. 3,300 3,300 6 Record withdrawal of $500 cash by Taylor Smith for personal use. 650 650 Record payment of wages of $1,600. Note : - journal entry has been entered Cash 500 500 1,600 July 20 Wages expense 3 28 3. Post the entries to the T accounts. (Use the below format) Enter the balances brought forward from June 30, 2020. Cash (101) $6,300. Supplies (126) $1100, Equipment (161) S8.300, Accounts Payable (201) $1,800, Unearned Teaching Revenue (233) $10100; Taylor Smith, Capital (301) $3,300, Taylor Smith, Withdrawals (302) $13.300: Teaching Revenue (401) $46,900, Wages Expense (623) $26.800, and Rent Expense (640) $6,300. 101.Cash 126:Supplies Beg Bal Beg Bal End Bal. 0 End. Bal 161:Equipment 201:Accounts Payable Beg Bal Beg Bad End. Bal 0 End Bal 0 233 Unearned Teaching Revenue 301:Taylor Smith, Capital Beg Ba Beg Bal. End Bal 0 End Bal 0 302:Taylor Smith, Withdrawals 401:Teaching Revenue Beg Bal Beg Bal Erdal 0 Endbal 0 623:Wages Expense 640Root Expense Beg Bal. Beg Bal 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 GLITTER AND GOLD STUDIO Income Statement For Three Months Ended July 31, 2020 Revenues Operating expenses Total operating expenses 01 GLITTER AND GOLD STUDIO Statement of Changes in Equity For Three Months Ended July 31, 2020 Taylor Smith, capital, May 1 Total $ Taylor Smith, capital, July 31 $ D Taylor Smith, capital Uuly 31 GLITTER AND GOLD STUDIO Balance Sheet July 31, 2020 Assets Liabilities Total liabilities Equity Total assets $ 0 Total liabilities and equity