Tayler Smith is a singer who has experienced international success in her career. On May 1, 2017, Tayler 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 $6,400 in advance for singing lessons to be delivered in August 3 Collected $3,200 for teaching singing lessons in July 4 Paid $4,200 to rent her music studio for the month of July. 5 Paid $550 for supplies purchased on account last month. 15 Tayler Smith withdrew cash of $300 to do some personal shopping on the weekend. 20 Paid her assistant wages of $2,500. 31 Purchased new microphone equipment on credit for $900. View transaction list View journal entry worksheet General Journal No 1 Date July 01, 2017 Debit Credit Supplies Accounts payable 250 250 2 July 02, 2017 Cash Unearned teaching revenue 6,400 6,400 3 July 03, 2017 Cash Teaching revenue 3,200 3,200 1 4 July 04, 2017 Rent expense Cash 4,200 4,200 5 July 05, 2017 Accounts payable Cash 550 550 6 July 15, 2017 Tayler Smith, Withdrawals Cash L 300 300 2 7 July 20, 2017 Wages expense Cash 2,500 R $ 2,500 8 July 31, 2017 Equipment Accounts payable 900 O range 900 283. Post the entries to the T-accounts by entering the balance after each posting. (use the balance column format or T-accounts), entering the balances brought forward from June 30 2017: Cash (101) $7.200: Supplies (126) $1,550; Equipment (161) 99,200 Accounts Payable (201) $2,700; Unearned Teaching Revenue (233) $11,000; Tayler Smith, Capital (301) $4,200; Tayler Smith, Withdrawals (302) $14,200; Teaching Revenue (401) 549,600; Wages Expense (623) $28,150; and Rent Expense (640) $7.200. 101:Cash 126:Supplies Beg Bal. Beg Bal ... End.Bal. 0 End.Bal. 0 161:Equipment 201 Accounts Payable Bag Ba Beg Bal End.Bal 0 End Bal. 233.Unearned Teaching Revenue 301:Tayler Smith, Capital Beg Bal. Beg Bal End.Bal 0 End Bal 0 302:Tayler Smith, Withdrawals 401 Teaching Revenue Beg Bal Beg.Bal. End Balo End.bal. D o 9 64 623:Wages Expense 9 . Beg.Bal. Beg A www End.Bal. End.Bal. 4. Prepare a trial balance tt July 31, 2017. GLITTER AND GOLD STUDIO Trial Balance July 31, 2017 Debit Credit Totals OS 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 a balance sheet at July 31, 2017 GLITTER AND GOLD STUDIO Income Statement For Three Months Ended July 31, 2017 Revenues Operating expenses Total operating expenses GLITTER AND GOLD STUDIO Statement of Changes in Equity For The Months Ended July 31, 2017 Taylor Smith, capital, May 1 Tayler Smith capitalul 31 GLITTER AND GOLD STUDIO Balance Sheet July 31, 2017 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity
