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 $150. 2 Collected $4,200 in advance for singing lessons to be delivered in August 3 Collected $2,100 for teaching singing lessons in July 4 Paid $5,100 to rent her music studio for the month of July. 5 Paid $550 for supplies purchased on account last month. 15 Taylor Swith withdrew cash of $400 to do some personal shopping on the weekend 20 Paid her assistant wages of $1,400 31 Purchased new microphone equipment on credit for $350