The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. 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 Assets Accts. Liab. Accts. Owner's Equity T.Cotton, Cash + 15,000 + - 980 14,020 + Rec. + Supp. + Equip. = 3,000 + 5,800 + 33,800 = Pay. + Capital + Rev. - Exp. 7,000 + 50,600 + 0- 0 + 980 3,000 5,800 + 33,800 = 7,000 + 50,600 + 0 980 + 4,980 + 4,980 19,000 + 3,000 + 5,800 + 33,800 = - 2,100 7,000 + 2,100 50,600 + 4,980 980 16,900 + 3,000 + 5,800 + 33,800 = + 2,900 4,900 + 50,600 + 4,980 980 + 2,900 16,900 + 5,900 5,800 + 33,800 = 4,900 + 50,600 + 7,880 980 - 8,900 + 8,900 8,000 + - 314 5,900 5,800 + 33,800 = 4,900 + 50,600 + 7,880 9,880 + 314 7,686 + 3,000 5,900 5,800 + 33,800 = 4,900 + 50,600 + 3,000 7,880 - 10,194 4,686 + 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, 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.) COTTON CLEANING SERVICE Income Statement Month Ended May 31, 2019 Revenue Expenses Total evnenses < Prev 13 of 13 Next > PAGES