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4 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 30 Dots July 1 Purchased supplies including sheet music on credit for you 2 Collected $7.400 in advance for singing lessons to be delivered in August 3 Collected $3,700 for teaching singing lessons in July 4 Pald 54,700 to rent her music studio for the month of July 5 Pald for supplies purchased on account last month 15 Taylor Swith withdrew cash of $750 to do some personal shopping on the weekend 20 Pala her assistant wages of $1,600 31. Purchased microphone equipment on credit for $1,150 Meferences Required: 1. Prepare journal entries to record the July transactions View transaction list View journal entry worksheet Dobit Credit No General Journal Date July 01, 2020 500 1 Supplies Accounts payable 500 7.400 2 July 02. 2020 Cash Uneamed teaching revenue 7 400 3.700 3 July 03 2020 Cash 4 283. Post the entries to the accounts (Use the below format) Enter the balances brought forward from June 30, 2020 Cash 401) $7,700. Supplies (126) $1,800, Equipment (161) $9,700, Accounts Payable (201) $3,200, Uneamed Teaching Revenue (233) $11,500 Taylor Smith, Capital (301) $4,700, Taylor Smith, Withdrawals (302) $14.700, Teaching Revenue (401) $51100, Wages Expense (623) $28,900, and Rent Expense (640) $7700 101 Cali 126 Supplies Beg Bal Beg Bal End Bal ces End Bal 161:Equipment 201:Accounts Payable Beg Bal Beg Bal End Bal End Bal 233:Uneamed Teaching Revenue 301:Taylor Smith. Capital Ran Ral Ron Rol 233named Teaching Revenue 301 Taylor Smith Capital Beg Bal 7 Beg Bal End Bal End Bal 302.Taylor Smith, Withdrawals 401:Teaching Revenue Beg Bal Beg Bal ht nces 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. 4 GLITTER AND GOLD STUDIO Trial Balance July 31, 2020 Debit ts Credit Print eferences Totals 5. Use the triat 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 30 BO GLITTER AND GOLD STUDIO Income Statement For Three Months Ended July 31, 2020 Revenues Operating expenses Total operating expenses 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 31 GLITTER AND GOLD STUDIO Balance Sheet July 31, 2020 Assets Liabilities Total liabilities Equity Total assets Total liabilities and equity

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