Help Se The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cottorn Accts. Accts. T.Cotton, Balances, May 1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit -780 + 4,780 -2,600 780 15,2204,0006,880+34,8808,0053,600+ 20,0004,0006,80034,8008,00 53,600+4,780 - 17,4004,00+6,800 34,880 5,400 +53,600+4,780 - 17,400+7,400+ 6,80+34,600-5,4003,608,180 780 780 780 - 2,600 +3,400 + 3.406 -9,400 Paid salaries New balances Paid telephone bi11 New balances +9,480 7,400+6,80 34,80 5,400+ 53,600+8,16- 10,180 7,6767,400 6,800 34,800 -453,6,1 10,504 8,000 324 + 324 Withdrew cash for personal expenses1,880 New balances 6,676 7,6,800 34,800-5,400+52,6008,18 10,504 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, 2019 earch