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 operation:July $1$: Purchased supplies including sheet music on credit for $$100.$July $2*$Collected $$4,000$ in advance for singing lessons to be de livered in August.July $3$: Collected $$2,000$ for teaching singing lessons in July.July $4$: Paid $$3,000$ to rent her music studio for the month of JuJuly $5$: Paid $$500$ for supplies purchased on account last month.July $15$: Tayler Smith withdrew cash of $$500$ to do some personal s hopping on the weekend.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$\mathrm{.}2.$ Set up the following general ledger accounts using T$-$accounts, entering the balances brought forward from June $30,2017$: Cash $(101)$ $$6,000$; Supplies $(126)$ $$950$;Equipment $(161)$ $$8,000$; Accounts Payable $(201)$ $$1,500$; Unearned Teaching Revenue$(233)$ $$9,800$; Tayler Smith, Capital $(301)$ $$3,000$; Tayler Smith, Withdrawals $(302)$$$13,000$; Teaching Revenue $(401)$ $$46,000$; Wages Expense $(623)$ $$26,350$; and Rent Expense $(640)$ $$6,000\mathrm{.}3.$ Post the entries to the T$-$accounts; calculate the ending balance in each account$\mathrm{.}4.$ Prepare a trial balance at July $31,2017\mathrm{.}5.$ 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 $31,2017.$