The following equation shows the transactions of Hogan Cleaning Service during May. The business is owned by Brecha Hogan.

Particulars Assets $=$ Liabilities $+$ Owner$$s Equity

Cash $+$ Accounts Receivable $+$ Supplies $+$ Equipment $=$ Accounts Payable $+$ B$.$ Hogan, Capital $+$ Revenue $$ Expenses

Balances, May $115,600+3,600+6,400+34,400=7,600+52,400+00$

Paid for utilities $820+820$

New balances $14,780+3,600+6,400+34,400=7,600+52,400+0820$

Sold services for cash $+4,820+4,820$

New balances $19,600+3,600+6,400+34,400=7,600+52,400+4,820820$

Paid a creditor $2,4002,400$

New balances $17,200+3,600+6,400+34,400=5,200+52,400+4,820820$

Sold services on credit $+3,200+3,200$

New balances $17,200+6,800+6,400+34,400=5,200+52,400+8,020820$

Paid salaries $9,200+9,200$

New balances $8,000+6,800+6,400+34,400=5,200+52,400+8,02010,020$

Paid telephone bill $320+320$

New balances $7,680+6,800+6,400+34,400=5,200+52,400+8,02010,340$

Withdrew cash for personal expenses $1,4001,400$

New balances $6,280+6,800+6,400+34,400=5,200+51,000+8,02010,340$

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 $31,20$X$1.$

Analyze:

In order to complete the balance sheet, which amount was transferred from the statement of owner$$s equity?