he following equation shows the transactions of Cotton Cleaning Service during May. he business is owned by Taylor Cotton. Assets -Liab. + Owner's Equity Accts Accts. T. Cotton, Cash Rec. Supp. Equip.Pay.Capital +Rev 15,800 3,800+6,600 34,600 7,800+ 53,000 + Exp 0 Balances, May 1 Paid for utilities 0 + 800 800 15,000 3,800+6,600 34,600 7,80053,000 + + 4,800 New balances 0 800 + 4,800 Sold services for cash New balances 19,800 3,800+6,600 34,600 7,80053,000 4,800 -800 2,500 - 2,500 Paid a creditor New balances 17,300 3,8006,600 +34,600-5,30053,0004,800 800 +3,300 +3,300 Sold services on credit 17,300 71006,600 +34,600-5,30053,0008,100 - 9,300 - 800 9,300 New balances Paid salaries New balances Paid telephone bil 8,000 7,1006,600 34,600-5,30053,0008,100- 10,100 + 322 322 New balances Withdrew cash for personal xpenses 7,678 + 7,100 + 6,600 + 34,600 = 5,300 + 53,000 + 8100-10.422 - 1,200 1,200 New balances 6,4787,100+6,600 34,6005,300 51,800+8,100 - 10,422