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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 $300. 2 Collected $4,800 in advance for singing lessons to be delivered in August. 3 Collected $2,400 for teaching singing lessons in July. 4 Paid $3, 400 to rent her music studio for the month of July, 5 Paid $700 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $550 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,700. 31 Purchased new microphone equipment on credit for $500. Required: 1. Prepare journal entries to record the July transactions. View transaction list Journal entry worksheet 3 5 6 7 8 Record purchase of supplies on account; $300. Note: Enter debits before credas Date General Journal Debit Credit July 01. 2023\f\f5. 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. GLITTER AND GOLD STUDIO Income Statement For Three Months Ended July 31, 2023 Revenues Operating expenses Total operating expensesGLITTER AND GOLD STUDIO Statement of Changes in Equity For Three Months Ended July 31, 2023 Taylor Smith, capital, May 1 Total Taylor Smith, capital, July 31 GLITTER AND GOLD STUDIO Balance Sheet July 31, 2023 Assets Liabilities Total liabilities Equity Thisl mecafe Total lishillion and anindu