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 eusic on credit for 3380. 2. collected $4,800 in advance for singing lessons to be delivered in August. 3 Collected $2,408 for teaching singing lessons in July. 4 Poid $3,400 to rent her music studio for the nonth of July. 5 Paid $760 for supplies purchased on occount last month. 15 taylon Snith withdreu cash of 5550 to do sone personal shopping on the weekend. 20 Paid her assistant rages of $1,700. 31. Purchased new nicrophone equipent on credit for $500. Required: 1. Prepare joumal entries to record the July transactions. Journal entry worksheet 2\&3. Post the entries to the 1-accounts. (U5e the Derow $26.950; and Rent Expense (640)$6,400. 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 31,2023 , 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 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 eusic on credit for 3380. 2. collected $4,800 in advance for singing lessons to be delivered in August. 3 Collected $2,408 for teaching singing lessons in July. 4 Poid $3,400 to rent her music studio for the nonth of July. 5 Paid $760 for supplies purchased on occount last month. 15 taylon Snith withdreu cash of 5550 to do sone personal shopping on the weekend. 20 Paid her assistant rages of $1,700. 31. Purchased new nicrophone equipent on credit for $500. Required: 1. Prepare joumal entries to record the July transactions. Journal entry worksheet 2\&3. Post the entries to the 1-accounts. (U5e the Derow $26.950; and Rent Expense (640)$6,400. 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 31,2023 , 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