+ + Rev. Exp. Rec. + Supp. + Equip. = 2,300 + 5,100 + 33,180 = Pay. 6,300 + Capital 48,500 + . @ + 910 918 2,300 + 5,100 + 33,180 = 6,380 + 48,500 + Cash + 14,300 + - 910 13,390 + + 4,910 18,300 + - 1,750 16,550 + + 4,910 4,910 - 2,300 + 5,100 + 33,180 = 48,500 + 910 6,300 + 1,750 4,550 + 48,500 + 910 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 2,300 + 5,100 + 33,180 + 2,550 4,850 + 5,100 + 33,180 = 4,918 - + 2,550 7,460 - 4,550 + 48,500 + 16,550 + - 8,550 8,eee + - 307 7,693 + 2,300 4,850 + 5,100 + 33,180 = 4,550 + 48, 50e + 7,460 - 910 + 8,550 9,460 + 387 9,767 4,850 + 5,100 + 33,180 = 4,550 + 7,460 48,500 + 2,3ee 46,200 + 5,393 + 4,850 + 5,100 + 33,180 = 4,55e + 7,460 9,767 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? Complete this question by entering your answers in the tabs below. Income Stmt of Balance Sheet Statement 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 0
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec. + Supp. + Equip. = 2,300 + 5,100 + 33,180 = Liab. Accts. Pay. + 6, 380 + Owner's Equity T. Cotton Capital + Rev. 48,500 + @- + Exp. + 918 2,300 + 5,100 + 33,180 = 6,300 + 48,500 + @ - Cash 14,300 + - 910 13,390 + + 4,910 18,300 + - 1,750 16,550 + 910 + 4,910 4,910 - 2,300 + 5,100 + 33,180 = 48,500 + 910 6,380 1,750 4,550 + 48,500 + 910 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 2,300 + 5,100 + 33,180 = + 2,550 4,850 + 5,100 + 33,120 = 4,910 - + 2,550 7,460 - 4,550 + 48, 508 + 910 16,55 + - 8,550 8,eee + - 307 7.693 + - 2,3ee 4,850 + 5,100 + 33,120 = 4,550 + 48,500 + 7,460 + 8,550 9,460 + 387 9,767 4,850 + 5,100 + 33,180 = 4,550 + 7,460 - 48,500 + 2,300 46,200 + 5,393 + 4,850 + 5,100 + 33,180 = 4,550 + 7,460 - 9,767 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? Complete this question by entering your answers in the tabs below. Analyze Income Stmt of Statement Owners Eqty Balance Sheet Prepare a balance sheet for May 31, 20x1. COTTON CLEANING SERVICE Balance Sheet May 31, 20X1 Assets Liabilities Owner's Equity Total Assets S 0 Total Liabilities and Owner's Equity s 0 + 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 Cash Rec. + Supp. + Equip. = Pay. Capital + Rev. Exp. Balances, May 1 14,300 + 2,300 + 5,100 + 33,180 = 6,300 + 48,500 + @- Paid for utilities - 910 + 918 New balances 13,390 + 2,300 + 5,100 + 33,180 = 6,389 + 48,500 + @ 910 Sold services for cash + 4,910 + 4,910 New balances 18,300 + 2,300 + 5,100 + 33,120 = 6,300 + 48,500 + 4,910 - 910 Paid a creditor - 1,750 - 1,750 New balances 16,550 + 2,300 + 5,100 + 33,180 = 4,550 + 48,500 + 4,910 - 910 Sold services on credit + 2,550 + 2,550 New balances 16,550 + 4,850 + 5,100 + 33,189 = 4,550 + 48,500 + 7,468 - 910 Paid salaries - 8,550 + 8,550 New balances 8,000 + 4,850 + 5,100 + 33,120 = 4,550 + 48, 50e + 7,460 - 9,460 Paid telephone bill + sez New balances 7,693 + 4,850 + 5,100 + 33,180 = 4,550 + 48,500 + 7,460 - 9,767 Withdrew cash for personal expenses - 2,300 2, 3ee New balances 5,393 + 4,850 + 5,100 + 33,180 = 4,550 + 46,200 + 7,460 - 9,767 - 307 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? Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eaty Balance Sheet Analyze Which amount was transferred from the statement of owner's equity? Owner's equity
