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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 $150. 2 Collected $7,800 in advance for singing lessons to be delivered in August. 3 Collected $3,900 for teaching singing lessons in July. 4 Paid $4,900 to rent her music studio for the month of July.. 5 Paid $900 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $850 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,800. 31 Purchased new microphone equipment on credit for $1,250. Required: 1. Prepare journal entries to record the July transactions.

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 $150. 2 Collected $7,800 in advance for singing lessons to be delivered in August. 3 Collected $3,900 for teaching singing lessons in July. 4 Paid $4,900 to rent her music studio for the month of July.. 5 Paid $900 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $850 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,800. 31 Purchased new microphone equipment on credit for $1,250. Required: 1. Prepare journal entries to record the July transactions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 2-12A Journalizing, posting, preparing a trial balance and financial statements LO1, 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 $150. 2 Collected $7,800 in advance for singing lessons to be delivered in August. 3 Collected $3,900 for teaching singing lessons in July. 4 Paid $4,900 to rent her music studio for the month of July. 5 Paid $900 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $850 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,800. 31 Purchased new microphone equipment on credit for $1,250. Required: 1. Prepare journal entries to record the July transactions, View transaction list Journal entry worksheet 3 6 7
Transcribed Image Text:Problem 2-12A Journalizing, posting, preparing a trial balance and financial statements LO1, 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 $150. 2 Collected $7,800 in advance for singing lessons to be delivered in August. 3 Collected $3,900 for teaching singing lessons in July. 4 Paid $4,900 to rent her music studio for the month of July. 5 Paid $900 for supplies purchased on account last month. 15 Taylor Smith withdrew cash of $850 to do some personal shopping on the weekend. 20 Paid her assistant wages of $1,800. 31 Purchased new microphone equipment on credit for $1,250. Required: 1. Prepare journal entries to record the July transactions, View transaction list Journal entry worksheet 3 6 7
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