The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. + Liab. Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7,500 + 52,100 + 0 - + Exp. . 0 + 830 830 7,500 + 52,100 + 0 - + 4,830 4,830 - 52,100 + 830 Assets Accts. Cash Rec. + Supp. + Equip. = 15,500 + 3,500 + 6,300 + 34,300 = - 830 14,670 + 3,500 + 6,300 + 34,300 = + 4,830 19,500 + 3,500 + 6,300 + 34, 300 = - 2,350 17,150 + 3,500 + 6,300 + 34,300 = + 3,150 17,150 + 6,650 + 6,300 + 34,300 = 9, 150 8,000 + 6,650 + 6,300 + 34, 300 = - 319 7,681 + 6,650 + 6,300 + 34,300 = 1,500 6,181 6,650 + 6,300 + 34,300 = 7,500 + 2,350 5,150 + 52,100 + 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 830 4,830 + 3,150 5,150 + 52,100 + 7,980 - 5,150 + 52,100 + 7,980 - 830 + 9, 150 9,980 + 319 10,299 5, 150 + 7,980 - 52,100 + 1,500 50,600 + 5,150 + 7,980 - 10,299 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balanc 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 Which amount was transferred from the statement of owner's equity? Owner's equity Balance Sheet Analyze