The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab. Aots. Ovner's Equity "Cotton Cash Rec. Supp.Equip. PayCapital+Rev 14,4002,400+5,20033,200- 6,400 48,800 Exp. Balances, May Paid for utilities Nev balances Sold services for cash Nev balances Paid a ereditor Nev balanees Sold services on credit 920 920 920 13,4802,45,20033,200-6,40048, 800 18.400 2,4005,20033,200 ,40048,8004,920 16,600 + 2,400 + 5,200 + 33,200 . 4,600 + 48,800 + 4,920- 16,6005,0005,20033,200 4,60048,8007,520 -1,800 -1 800 920 2.600 +2 600 Paid salaries Nev balances Paid telephone bill 920 8,600 8,0005,0005,200 33,2004.600 48,8007,520,520 308 .692 ,000+5,200+33,200 4,60048,8007,520-9,828 withdrew cash for personal expenses -2,400 2,400 2925,000+5,200+33,200 4.60046,400 7,5209,828 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