Check my work The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets = Liab. + Owner's Equity Accts. Accts. T. Cotton, Rec. + Supp. + Equip. = Pay. + Capital + Rev. 2,700 +5,500 + 33,500 = 6,700 + 49,700 + 3- + Exp. Cash 14,700 + - 950 13,750 + + 4,950 18,700 + - 1,950 16,750 + 2,700 + 5,500 + 33,500 = 6,700 + 49,700 + + 95 95 0- + 4,950 4,950 - 49,700 + 95 Balances, May 1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances Withdrew cash for personal expenses New balances 2,700 + 5,500 + 33,500 = 6,700 + - 1,950 2,700 + 5,500 + 33,500 = 4,750 + + 2,750 5,450 +5,500 + 33,500 = 4,750 + 95 49,700 + 4,950 + 2,750 49,700 + 7,700 - 5,450 + 5,500 + 33,500 - 4,750 + 49,700 + 7,700 16,750 + - 8,750 8,000 + - 311 7,689 + 2,700 4,989 + 95 + 8,75 9,72 + 31 10,01 5,450 + 5,500 + 33,500 4,750 + 7,700 - 49,700 + 2,700 47,000+ 5,450 + 5,500 + 33,500 = 4,750 + 7,700 - 10,01 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? e transactions of Cotton Cleaning Service during May. The business is owned by Assets = Liab. + Owner's Equity Accts. Accts. T. Cotton, Rec. + Supp. + Equip. = Pay. + Capital + 2,700 + 5,500 + 33,500 = 6,700 + 49,700 + O- Rev. Cash + 14,700 + 950 13,750 + + 4,950 18,700 + 1,950 16,750 + Exp. 0 + 950 950 2,700 + 5,500 + 33,500 = 6,700 + 49,700 + 2,700 + 5,500 + 33,500 = 49,700 + + 4,950 4,950 950 6,700 + 1,950 4,750 + 950 2,700 + 5,500 + 33,500 + 2,750 5,450 + 5,500 + 33,500 = 49,700 + 4,950 + 2,750 49,700 + 7,700 4,750 + 5,450 + 5,500 + 33,500 4,750 + 49,700 + 7,700 16,750 + - 8,750 8,000 + 311 7,689 + 2,700 4,989 + 950 + 8,750 9,700 + 311 10,011 5,450 + 5,500 + 33,500 = 4,750 + 7,700 - xpenses 49,700 + - 2,700 47,000 + 5,450 + 5,500 + 33,500 = 4,750 + 7,700 10,011 y. Prepare an income statement and a statement of owner's equity for the month. Prepare sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Stmt of Statement Balance Sheet Owners Eqty Analyze Prepare an income statement for the month of May 31, 20X1. (List the expenses in detail on the income statement.) COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1 Revenue Expenses Total expenses Income Statement Stmt of Owners Eqty> 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 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 Balance Sheet > (Income Statement 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 a balance sheet for May 31, 20x1. COTTON CLEANING SERVICE Balance Sheet May 31, 20X1 Liabilities Assets Owner's Equity Total Liabilities and Owner's Equity Total Assets Analyze > Stmt of Owners Eqty expenses New balances 2,700 4,989 + 5,450 +5,500 + 33,500 = 4,750 + 2,700 47,000+ 7, Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month 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 Which amount was transferred from the statement of owner's equity? Owner's equity