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Problem $2-12$A Journalizing, posting, preparing a trial balance and financial statements LO$1,3,4,5,6$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 $$200.2$Collected $$6,200$ in advance for singing lessons to be delivered in August. $3$Collected $$3,100$ for teaching singing lessons in July. $4$Paid $$4,100$ to rent her music studio for the month of July. $5$Paid $$500$ for supplies purchased on account last month. $15$Taylor Smith withdrew cash of $$350$ to do some personal shopping on the weekend. $20$Paid her assistant wages of $$2,400.31$Purchased new microphone equipment on credit for $$850.$Required:$1.$ Prepare journal entries to record the July transactions$\mathrm{.}2$&$3.$ Post the entries to the T$-$accounts. $($Use the below format$)$ Enter the balances brought forward from June $30,2023$: Cash $(101)$ $$7,100$; Supplies $(126)$ $$1,500$; Equipment $(161)$ $$9,100$; Accounts Payable $(201)$ $$2,600$; Unearned Teaching Revenue $(233)$ $$10,900$; Taylor Smith, Capital $(301)$ $$4,100$; Taylor Smith, Withdrawals $(302)$ $$14,100$; Teaching Revenue $(401)$ $$49,300$; Wages Expense $(623)$ $$28,000$; and Rent Expense $(640)$ $$7,100\mathrm{.}4.$ Prepare a trial balance at July $31,2023\mathrm{.}5.$ 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 $31,2023.$

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