Accts. Cash + 15,600 + 820 14,780 + Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances + 4,820 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Balances, May 1 Paid for utilities New balances Assets Rec. + Supp. + Equip. 3,600 + 6,400 + 34,400 = Liab. Accts. Owner's Equity - 0 - Exp. 0 + 820 Pay. T.Cotton, + Capital + 7,600 + Rev. 52,400 + 3,600 + 6,400 + 34,400 = 7,600 + 52,400 + 0 820 + 4,820 19,600 + 2,400 17,200 + 3,600 + 6,400 + 34,400 = 7,600 + 52,400 + 4,820 820 2,400 3,600 + 6,400 + 34,400 = 5,200 + 52,400 + 4,820 820 + 3,200 + 3,200 17,200 + 6,800 + 6,400 + 34,400 = 5,200 + 52,400 + 8,020 820 Paid salaries New balances - 9,200 + 9,200 Paid telephone bill New balances Withdrew cash for personal expenses New balances 8,000 + - 320 7,680 + 1,400 6,280 + 6,800 + 6,400 + 34,400 = 5,200 + 52,400 + 8,020 - 10,020 6,800 + 6,400 + 34,400 = 5,200 + - 52,400 + 1,400 8,020 - 6,800 + 6,400 + 34,400 = 5,200 + 51,000 + 8,020 + 320 10,340 10,340 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balance sheet for May 31, 20X1. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Analyze Prepare an income statement for the month of May 31, 20X1. (List the expenses in detail on the income statement.) Revenue Fees income Expenses COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1