The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.

cash + rec + supplies+ equip = pay + capital + Rev - exp Balances, May 1 15,000 + 3,000 + 5,800 + 33,800 = 7,000 + 50,600 + 0 0 Paid for utilities 980 + 980 New balances 14,020 + 3,000 + 5,800 + 33,800 = 7,000 + 50,600 + 0 980 Sold services for cash + 4,980 + 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 + 2,900 + 2,900 New balances 16,900 + 5,900 + 5,800 + 33,800 = 4,900 + 50,600 + 7,880 980 Paid salaries 8,900 + 8,900 New balances 8,000 + 5,900 + 5,800 + 33,800 = 4,900 + 50,600 + 7,880 9,880 Paid telephone bill 314 + 314 New balances 7,686 + 5,900 + 5,800 + 33,800 = 4,900 + 50,600 + 7,880 10,194 Withdrew cash for

personal expenses 3,000 3,000 New balances 4,686 + 5,900 + 5,800 + 33,800 = 4,900 + 47,600 + 7,880 10,194

Analyze each transaction carefully. Prepare an income statement and a statement of owners equity for the month. Prepare a balance sheet for May 31, 2019.