The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 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 15, 700 3, 700 6,500 34,500 7, 700 52, 700+ 14, 890 + 3, 700 6, 500 + 34,5007, 700 19, 700 3, 700 6, 500 34,5007,70052, 700 17,250 + 3, 700 6, 500 34,500-5,25052, 700 17,250 +6,950 + 6, 500 34,500-5,25052, 700 - 810 + 4, 81O - 2,450 52, 700 4,810 4, 810 - - 2,450 4, 810 - + 3,2560 8, 060 - + 3,25 - 9,25G - 321 Withdrew cash for personal expenses 1,300 8,000 + 7,679 + 6,379 + 6,950 + 6,500 + 34,500 = 6,950 + 6,500 + 34,500 = 6,950 + 6,500 + 34,500 = 5,250 + 5,250 + 5,250 + 52,700 + 52,700 + 51,400 + + 9,25G0 10, 060 + 321 8,060- 8,060- -1, 3 New balances 8,060-10,381 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 Statement Owners Eqty 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 Complete this question by entering your answers in the tabs below Income Stmt of Statement owners EtyBalance Sheet Analyze Prepare a statement of owner's equity for the month of May 31, 2019. COTTON CLEANING SERVICE Statement of Owner's Equity Month Ended May 31, 2019 Complete this question by entering your answers in the tabs below Income Statement Owners Eqty Stmt of Balance Sheet Analyze Prepare a balance sheet for May 31, 2019. COTTON CLEANING SERVICE Balance Sheet May 31, 2019 Assets Liabilities 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, 2019 Complete this question by entering your answers in the tabs below Income Stmt of Balance Sheet Analyze Statement Owners Eqty Which amount was transferred from the statement of owner's equity? Owner's Equity