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 $250. 2 Collected $6,400 in advance for singing lessons to be delivered in August. 3 Collected $3,200 for teaching singing lessons in July. 4 Paid $4,200 to rent her music studio for the month of July. 5 Paid $550 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $300 to do some personal shopping on the weekend. 20 Paid her assistant wages of $2,500. 31 Purchased ne bicrophone equipment on credit for $900. Required: 1. Prepare journal entries to record the July transactions. 2&3. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30, 2020: Cash (101) $7,200, Supplies (126) $1,550; Equipment (161) $9,200; Accounts Payable (201) $2,700; Unearned Teaching Revenue (233) $11,000 Taylor Smith, Capital (301) $4,200, Taylor Smith, Withdrawals (302) $14,200; Teaching Revenue (401) $49,600; Wages Expense (623) $28,150; and Rent Expense (640) $7,200. 101:Cash 126: Supplies Beg Bal Beg.Bal. End Bal. End Bal 161:Equipment 201:Accounts Payable Beg Bal Beg Bal End Bal End Bal LIIVI 233:Uneamed Teaching Revenue Beg Bal 301:Taylor Smith, Capital Beg Bal. End. Bal. End Bal 302: Taylor Smith, Withdrawals 401:Teaching Revenue Beg Bal Beg Bal End Bal End bal. 623:Wages Expense 640:Rent Expense Beg Bal Beg Bal End Bal End Bal 4. Prepare a trial balance at July 31, 2020. GLITTER AND GOLD STUDIO Trial Balance July 31, 2020 Debit Credit Totals 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 Operating expenses Total operating expenses Saved 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 3.1 h GLITTER AND GOLD STUDIO Balance Sheet July 31, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity