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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,
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 $450. 2 collected $7,200 in advance for singing lessons to be delivered in August. 3 Collected $3,600 for teaching singing lessons in July. 4 Paid $4,600 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 $700 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,500. 31 Purchased new microphone equipment on credit for $1,100. 2&3. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30, 2020: Cash (101) $7,600; Supplies (126) $1,750; Equipment (161) $9,600; Accounts Payable (201) $3,100; Unearned Teaching Revenue (233) $11,400; Taylor Smith, Capital (301) $4,600, Taylor Smith, Withdrawals (302) $14,600; Teaching Revenue (401) $50,800; Wages Expense (623) $28,750, and Rent Expense (640) $7,600. 101:Cash 126: Supplies Beg.Bal. Beg.Bal. End.Bal. 0 End.Bal. 0 161:Equipment 201:Accounts Payable Beg.Bal. Beg Bal End.Bal. End.Bal. 233:Unearned Teaching Revenue 301:Taylor Smith, Capital Beg. Bal. Beg.Bal. End.Bal. 0 End.Bal. 302:Taylor Smith, Withdrawals 401:Teaching Revenue Beg.Bal. Beg.Bal. End.Bal. End.bal. 0 623:Wages Expense 640:Rent Expense Beg.Bal. Beg.Bal. End.Bal. 0 End.Bal. 0
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