The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab. - Owner's Equity Acets. T.Cotton . Capital Rev. 7.900 53, 300- O- Exp . 9 +790 700 7,000 53,300 53,300+ + 4,790 4,790 - 790 Assets Acots. Cash Rec Supp, Equip. 15,900 3.900 + 6, 700 34,700 - TOD 15, 110 3.900 + 6,700 + 34,700 = 4.790 19,900 3.900 + 6, 700+ 34,700 - 2.5se 17,350 3,900 + 6,700 + 34,700 = 3.350 17350 7.250 6,700 + 34,700 = - 9.350 3,000 7,250 - 6,700 - 34,709 = - 323 7,677 7.250 6.700 + 34,700 - 1.100 6,577 + 7,250+ 6,700 - 34,700 = 7,900 2.550 5,358 - Balances, May 1 Paid Tor utilities New balances Sold services for cash New balances Padid a creditor New balances Sald services on credit New balances Paid salaries New balances Paid telephone bill New balances withdrew cash for personal expenses New balances 790 53,300 4,790 - + 3,350 53,300 + 8,140 - 5,350 + 5,350 - 53,300 + 8,140 - 790 + 9,350 10, 140 + 323 10, 463 5,350 - 8,148 - 53,300 + - 1.100 52,200 + 5,350 - 8. 140 - 10, 463 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. 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. Owners Egly Balance Sheet Income Stmt of Statement 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 11, 20X1 Revenue Expenses Total expenses Simt of Owners Eqty> 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 a statement of owner's equity for the month of May 31, 20X1. COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 20X1 Sement 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 a balance sheet for May 31, 20x1. COTTON CLEANING SERVICE Balance Sheet May 31, 20x1 Liabilities Assets Owner's Equity Total Assets Total Liabilities and Owner's Equity 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, 20xt 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 Eaty Balance Sheet Analyze Which amount was transferred from the statement of owner's equity? Owners equity
