Taylor Smith is a singer who has experienced international success in her career. On May 1.2020. Taylor started her business, Gitter 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 $400. 2 Collected $5,200 in advance for singing lessons to be delivered in August. 3 Collected $2,6 e for teaching singing lessons in July. 4 Paid 53,600 to rent her music studio for the month of July. 5 Paid 5800 for supplies purchased on account last month. 15 Taylor Smith Mithdren cash of $369 to do soee personal shopping on the weekend. 20 Paid her assistant wages of $1,900. 31 Purchased new aicrophone equipment on credit for $600. Required: 1. Prepare journal entries to record the July transactions. 283. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30, 2020: Cash (101) $6,600; Supplies (126) \$1,250; Equipment (161) \$8,600; Accounts Payable (201) \$2,100; Unearned Teaching Revenue (233) \$10.400; Taylor Smith, Capital (301) \$3,600; Taylor Smith, Withdrawals (302) \$13,600; Teaching Revenue (401) \$47,800; Wages Expense \{623) $27,250; and Rent Expense (640)$6,600. 4. Prepare a trial balance at July 31,2020. 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. \begin{tabular}{l} GLITER AND GOLD STUOIO \\ Assets \\ Aalince sheet \\ July 31,2020 \\ \hline \end{tabular}