ter 2 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Liab. Owner's Equity Balances, May 1 Paid for utilities Cash 15,000 + 980 Accts. Rec. 3,000 Accts. T.Cotton, +Supp. Equip. Pay. Capital Rev Exp +5,800 +33,800 7,000 50,600 e e 980 New balances 14,020 + 3,000 +5,800 +33,800 7,000 + 50,600 980 Sold services for cash 4,988 4,980 New balances 19,000 3,000 +5,800 +33,800 - 7,000 50,600 + 4,980 980 Paid a creditor 2,100 2,100 New balances 16,900 + 3,000 + 5,800 +33,800 4,900 + 50,600 4,980 980 Sold services on credit New balances 16,900 + 2,900 5,900 2,900 + 5,800 +33,800 4,900 + 50,600 7,880 980 Paid salaries 8,900 8,900 New balances. 8,000 + 5,900 Paid telephone bill 314 New balances. 7,686 + 5,900 + 5,800 + 5,800 +33,800 4,900 4. 50,600 + 7,880 9,880 314 +33,800 4,900 Withdrew cash for personal expenses New balances 3,000 4,686 5,900 +5,800 +33,800 4,900 50,600 3,000 47,600 + 7,880 10,194 7,880 10,194 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 Statement Stmt of Owners Eqty Balance Sheet Analyze