The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Balances, May 1 Paid for utilities New balances Sold services for cash New balances Accts. Rec. + Supp. + Equip. 15,000 + 3,000 +5,800 + 33,800 - 980 Cash Liab. Accts. Pay. + 7,000 + Owner's Equity T.Cotton, Capital Rev. Exp. 50,600 + 0 0 + 980 14,020 + 3,000 + 5,800 +33,800 7,000 + 50,600 0 980 4,980 4,980 19,000 + 3,000 + 5,800 + 33,800 7,000 + 50,600 + 4,980 980 Paid a creditor New balances 2,100 16,900 + 2,100 Sold services on credit New balances 16,900 + 3,000 2,900 5,900 + 5,800 + 5,800 + 33,800 = 4,900 + 50,600 + 4,980 980 + 2,900 + 33,800 = 4,900 + 50,600 7,880 980 Paid salaries New balances Paid telephone bill 8,900 8,000 + - 314 8,900 5,900 + 5,800 New balances 7,686 + 5,900 + 5,800 + 33,800 + 33,800 4,900 + 50,600 7,880 9,880 = 4,900 + Withdrew cash for personal expenses New balances 3,000 4,686 50,600 + - 3,000 7,880 - + 314 10,194 + 5,900 + 5,800 + 33,800 = 4,900 + 47,600 + 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 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