The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Owner's Equity Cash Assets Accts. Rec. Liab. Accts. Balances, May 1 Paid for utilities. New balances 15,600 + Supp. Equip. 3,600 +6,400 + 34,400 = Pay. T.Cotton, Capital Rev. Exp. 7,600 + 52,400 + 0- -820 +820 14,780 + 3,600 +6,400 + 34,400 = 7,600+ 52,400+ 820 Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries +4,820 +4,820 19,600 + 3,600 6,400 +34,400 = 7,600+ 52,400 + 4,820- 820 - 2,400 2,400 17,200+ 3,600 +6,400 + 34,400 = 5,200+ 52,400 + 4,820 820 + 3,200 +3,200 17,200+ 6,800 +6,400 +34,400 5,200+ $2,400 + 8,020- 820 - 9,200 +9,200 New balances Paid telephone bill 8,000+ -320 6,800 +6,400 +34,400 = 5,200+ 52,400+ 8,020 10,020 New balances 7,680 + Withdrew cash for personal expenses 1,400 New balances 6,280+ 6,800+6,400 + 34,400- 6,800 +6,400 +34,400- 5,200+ 52,400 + 8,020 +320 10,340 1,400 5,200 51,000. 8,020 - 10,340 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, 2019. 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, 2019. (List the expenses in detail on the income statement.) < Prev 5 of 5 MacBook Pro Next>