The following equation shows the transactions of Hogan Cleaning Service during May. The business is owned by Brecha Hogan. = Liabilities + Accounts Payable 6,600 6,600 + Particulars Balances, May 1 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 Withdrew cash for personal expenses New balances Accounts = + Receivable + Supplies + Equipment 5,400 + 33,400 = + 2,600 + 33,400 = 33,400 = 33,400 Cash 14,600 -940 13,660 + +4,940 18,600 + -1,900 16,700 + 16,700 -8,700 8,000 - 310 7,690 + - 2,600 5,090 + + Assets + 2,600 2,600 + + 2,600 + +2,700 5,300 5,300 + 5,300 + 5,300 + 5,400 5,400 5,400 5,400 + + + + 5,400 + 5,400 + 33,400 = = 33,400 = + 5,400 + 33,400 33,400 = 6,600 -1,900 4,700 4,700 4,700 + + + + + B. Hogan, Capital 49,400 4,700 + 49,400 49,400 49,400 49,400 + 49,400 49,400 -2,600 4,700 + 46,800 Owner's + Reve + + + + + 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. +4 4, 4 NN +2 7, 7. 7, 7,

action carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balance 01. Prepare an income statement for the month of May 31,201. Note: List the expenses in detail on the income statement. Net losses shouid be indicated with a minus sign