The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Owner's Equity Liab Assets T.Cotton, Capital 50,600 + Accts Accts Rec 3,000 5,80033,800 Supp. Equip.= Cash ay. 7,000+ + Rev xp. Balances, May 1 15,000 - 980 0 +980 Paid for utilities 3,0005,800 33,800 = New balances 980 14,020 7,000+ 50,600 Sold services for cash 4,980 4,980 7,000 - 2,100 19,000- -2,100 16,900 3,0005,80033,800 New balances 4,980 980 50,600 + Paid a creditor New balances 3,0005, 80033,800 +2,900 5,9005,80033,800 50,600 + 4,980 980 4,900 + Sold services on credit 2,900 New balances 16,900 7,880 980 4,900 50,600+ - 8,900 Paid salaries 8,900 5,9005,80033,800 = New balances 7,880 9,880 8,000 - 314 4,900+ 50,600+ 314 Paid telephone bill New balances 5,9005,800 33,800 = 7,880. 4,900 10,194 7,686 50,600+ 3,000 Withdrew cash for personal expenses 3,000 5,9005,80033,800 4,900 47,600 10,194 4,686 7,880 New balances 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 Stmt of Balance Sheet Analyze Owners Eqty Statement 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 expenses C > Income Statement Stmt of Owners Eqty