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:

July1Purchased supplies including sheet music on credit for $450.2Collected $7,200 in advance for singing lessons to be delivered in August.3Collected $3,600 for teaching singing lessons in July.4Paid $4,600 to rent her music studio for the month of July.5Paid $750 for supplies purchased on account last month.15Taylor Smith withdrew cash of $700 to do some personal shopping on the weekend.20Paid her assistant wages of $1,500.31Purchased new microphone equipment on credit for $1,100.