Anset Acets. Rec. + Supp. Equip. - 3,000 + 5,800 + 33,800 Liab. Acets Pay. 7.000 + Owner's Equity T. Cotton + Capital Rev. 50,600 . + 3,000 + 5,800 + 33,800 7.000 + 50,600 0 980 + 3.000 4.980 4,980 + 5.800 +33,300 7,000 50,600 980 Cash Balancos, May 1 15.000 Paid for utilities - 980 New balances 14,020 Sold services tor cash 4.980 New balances 19.000 Paid a creditor 2,100 New balances 16,900 Sold Services on credit New balances 16.900 Paid salaries 2,900 w balances 0.000 Daid telephone bill 314 Now balances 7.685 with canh for personal expenses 2.000 new balance 3,000 2,100 4,900 5,800 + 33,800 50, 600 4.980 980 2.900 5.900 + 3,000 + 33.800 2.900 7.880 4,900 50,600 980 + 5,000 33,00 4.900 - 50,600 780 3.900 9.BO +314 10,294 5,900 -5,00 33,00 4,900 50,600 3.000 47,600 5.900 5000 3800 4,900 7.80 10194 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? Prepare an income statement for the month of May 31, 20X COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1 Revenue Expenses Total expenses Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty Balance Sheet Analyze Prepare a statement of owner's equity for the month of May 31, 20X1. COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 20X1 0 $ 0 Complete this question by entering your answers in the tabs below. Income Stmt of Statement owners Eqty Balance Sheet Analyze Which amount was transferred from the statement of owner's equity? Owner's equity Balance Sheet