my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. + Equip. Cash 14,800 + 2,800 + 5,600 + 33,600 6,800 + - 960 Rec. Pay Rev. Exp. +. Balances, May 1 Paid for utilities + 960 13,840+ 2,800 + 5,600 + 33,600 = 6,800 + + 4,960 New balances 50,000 + 960 + 4,960 Sold services for cash New balances 18,800 - 2,000 2,800 + 5,600+ 33,600 6,800 2,000 50,000 + 4,960 960 Paid a creditor New balances 16,800+ 2,800 5,600 + 33,600 - 4,800+ 50,000+ 4,960 - + 2,800 960 + 2,800 Sold services on credit New balances 16,800 + 5,600 5,600 + 33,600 = 8,800 4,800 + 50,000 + 7760 - 960 + 8,800 Paid salaries 8,000 + 5,600 + 5,600 + 33,600 = 4,800 + - 312 50,000 + 9,760 7,760 New balances + 312 Paid telephone bill 7,688 + 5,600 +5,600 + 33,600 4,800 + - 2,800 50,000 + 10,072 7,760 New balances Withdrew cash for personal 2,800 expenses 4,888 + 5,600 + 5,600 + 33,600 = 4,800 + 7,760 10,072 47,200 + New balances Prepare an income statement for the month of May 31, 2016. COTTON CLEANING SERVICE Income Statement Month Ended May 31, 2016 Revenue Expenses Total expenses 2$ Prepare a statement of owner's equity for the month of May 31, 2016. COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 2016 Prepare a balance sheet for May 31, 2016. COTTON CLEANING SERVICE Balance Sheet May 31, 2016 Liabilities Assets Owner's Equity 0 Total liabilities and Owner's equity Total assets %24 Analyze: Which amount was transferred from the statement of owner's equity? Owner's Equity