The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets = Liab. + Owners Equity Cash + Accts. Rec. + Supp. + Equip. = Accts. Pay. + T.Cotton, Capital + Rev. Exp. Balances, May 1 16,000 + 4,000 + 6,800 + 34,800 = 8,000 + 53,600 + 0 0 Paid for utilities 780 + 780 New balances 15,220 + 4,000 + 6,800 + 34,800 = 8,000 + 53,600 + 0 780 Sold services for cash + 4,780 + 4,780 New balances 20,000 + 4,000 + 6,800 + 34,800 = 8,000 + 53,600 + 4,780 780 Paid a creditor 2,600 2,600 New balances 17,400 + 4,000 + 6,800 + 34,800 = 5,400 + 53,600 + 4,780 780 Sold services on credit + 3,400 + 3,400 New balances 17,400 + 7,400 + 6,800 + 34,800 = 5,400 + 53,600 + 8,180 780 Paid salaries 9,400 + 9,400 New balances 8,000 + 7,400 + 6,800 + 34,800 = 5,400 + 53,600 + 8,180 10,180 Paid telephone bill 324 + 324 New balances 7,676 + 7,400 + 6,800 + 34,800 = 5,400 + 53,600 + 8,180 10,504 Withdrew cash for personal expenses 1,000 1,000 New balances 6,676 + 7,400 + 6,800 + 34,800 = 5,400 + 52,600 + 8,180 10,504 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owners equity for the month. Prepare a balance sheet for May 31, 2019.