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 $200. 2 Collected $8,000 in advance for singing lessons to be delivered in August. 3 Collected $4,000 for teaching singing lessons in July. 4 Paid $5,000 to rent her music studio for the month of July. 5 Paid $950 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $900 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,900. 31 Purchased new microphone equipment on credit for $1,300. 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 Teaching revenue Operating expenses Wages expense Rent expense Total operating expenses $ 52,000 0 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 69 $ $ Assets GLITTER AND GOLD STUDIO Balance Sheet July 31, 2020 Liabilities Total liabilities S Equity $ Total liabilities and equity 5 Total assets