Answer Happy

Book Ask Print 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 $150. 2 Collected $4,200 in advance for singing lessons to be delivered in August. 3 Collected $2,100 for teaching singing lessons in July. 4 Paid $3,100 to rent her music studio for the month of July. 5 Paid $550 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $400 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,400. 31 Purchased new microphone equipment on credit for $350. Required: 1. Prepare journal entries to record the July transactions. View transaction list Journal entry worksheet 5 8 Record the purchase of new microphone equipment on account; $350. Note: Enter debits before credits
Book Alk Print 2&3. Post the entries to the T-accounts. (Use the below format) Enter the balances brought forward from June 30, 2020: Cash (101) $6,100. Supplies (126) $1,000; Equipment (161) $8,100; Accounts Payable (201) $1,600; Unearned Teaching Revenue (233) $9,900: Taylor Smith, Capital (301) $3,100, Taylor Smith, Withdrawals (302) $13,100; Teaching Revenue (401) $46,300; Wages Expense (623) $26,500; and Rent Expense (640) $6,100. 101:Cash 126: Supplies Beg Bal Beg Bal End Ball 0 End Bal 0 161:Equipment 201:Accounts Payable Beg Bal End Bal 0 233 Unearned Teaching Revenue 301:Taylor Smith, Capital Beg Bal End Bal Beg Bal End Bal Beg Bal End Bal
Beg Bal End Bal Beg Bal End Bal 302: Taylor Smith, Withdrawals 0 623:Wages Expense Beg Bal End bal Beg Bal End Bal. 401: Teaching Revenue 0 640:Rent Expense 0
Assignment i 4. Prepare a trial balance at July 31, 2020. GLITTER AND GOLD STUDIO Trial Balance July 31, 2020 Debit Totals Credit
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. 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
Total assets. Assets GLITTER AND GOLD STUDIO Balance Sheet July 31, 2020 Liabilities Equity Total liabilities Total liabilities and equity