The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Accts. Rec. + Supp. + Equip. = 3,000 + 5,800 + 33,800 = Liab. + Owner's Equity Accts. T.Cotton, Pay. + Capital + Rev. - 7,000 + 50,600 + 0 - Exp. 3,000 + 5,800 + 33,800 = 7,000 + 50.600 + + 980 980 Cash + 15,000 + - 980 14,020 + + 4.980 19.000 + -2,100 16,900 + 0 - + 4.980 4,980 - 3,000 + 5,800 + 33,800 = 50,600 + 980 7,000 + - 2.100 4,900 + 50.600 + 980 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 3,000 + 5,800 + 33,800 = + 2,900 5,900 + 5,800 + 33,800 = 4.980 - + 2.900 7,880 - 4,900 + 50,600 + 5,900 + 5,800 + 33,800 = 4,900 + 50,600 + 7,880 - 16,900 + - 8,900 8,000 + - 314 7,686 + - 3,000 4,686 + 980 + 8,900 9,880 + 314 10,194 5,900 + 5,800 + 33,800 - - 4,900 + 7,880 - 50,600 + - 3,000 47,600 + 5,900 + 5,800 + 33,800 = 4,900 + 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 Complete this question by entering your answers in the tabs below. Income Statement Stmt of Owners Eqty um Balance Sheet Analyze