the following equation shows the transaction of cotton cleaning service during May. the business is owned by Taylor Cotton.

Sneet 6 points The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Acets Rec. Supp. + Equip. 2,700 + 5,500 + 33,500 = Liab + Owner's Equity Accts. T. Cotton, Pay. Capital + Rev. 6,700 + 49,700 + O Exp. eBook + 950 950 49,700 + 6,700 + 2,700 + 5,500 + 33,500 Cash 14,700 + M 950 13,750 + + 4,950 18,700 + 1,950 16,750 + + 4,950 4,950 - 49,700 + 950 Print 2,700 + 5,500 + 33,500 = 6,700 + 1,950 4,750 + 950 49,700 + C 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 2,700 + 5,500 + 33,500 = + 2,750 5,450 + 5,500 + 33,500 4,95 + 2,750 7,700 4,750 + 49,700 + References 950 + 8,750 9,700 4,750 + 5,450 + 5,500 + 33,500 7,700 49,700 + + 311 16,750 + 8,750 8,000 + - 311 7,689 + 2,700 4,989 + 7,700 4,750 + 10, 011 5,450 + 5,500 + 33,500 = 49,700 + 2,700 47,000 + 4,750 + 7,700 10,011 5,450 + 5,500 + 33,500 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 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 4 V Statement Owners Eqty ce Analyze Prepare an income statement for the month of May 31, 20X1. (List the expenses in detail on the incon COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1 Revenue Fees income $ 7.860 $ 9,000 x Expenses Supplies expense Telephone expense Utilities expense 316 Total expenses 9.316 Net loss Stmnt of Owners Eqty> COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 20X1 Taylor Cotton, Capital, May 1, 20X1 Net loss for May 2.316 X Less: Withdrawal for May 1,800 Decrease in Capital 51,200 4,116 47,084 Income Statement Balance Sheet