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 music on credit for $$350.2$Collected $$5,000$ in advance for singing lessons to be delivered in August. $3$Collected $$2,500$ for teaching singing lessons in July. $4$Paid $$3,500$ to rent her music studio for the month of July. $5$Paid $$750$ for supplies purchased on account last month. $15$Taylor Smith withdrew cash of $$600$ to do some personal shopping on the weekend. $20$Paid her assistant wages of $$1,800.31$Purchased new microphone equipment on credit for $$550.$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 $30,2023$: Cash $(101)$ $$6,500$; Supplies $(126)$ $$1,200$; Equipment $(161)$ $$8,500$; Accounts Payable $(201)$ $$2,000$; Unearned Teaching Revenue $(233)$ $$10,300$; Taylor Smith, Capital $(301)$ $$3,500$; Taylor Smith, Withdrawals $(302)$ $$13,500$; Teaching Revenue $(401)$ $$47,500$; Wages Expense $(623)$ $$27,100$; and Rent Expense $(640)$ $$6,500.4.$ 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 $31,2023.$