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

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The following equation shows the transactions of Hogan Cleaning Service during May. The business is owned by Brecha Hogan. Owner's Equity Assets Particulars = Balances, May 1 Cash 14,800 + Accounts Receivable Liabilities + Accounts + 2,800 + Paid for utilities + Supplies + Equipment 5,600 + 33,600 Payable + B. Hogan, Capital + Revenue Expenses 6,800 + 50,000 + 0 0 -960 +960 New balances 13,840 + 2,800 + 5,600 + 33,600 = Sold services for cash 6,800 + 50,000 + 0 960 +4,960 +4,960 New balances 18,800 + 2,800 + 5,600 + 33,600 6,800 + 50,000 + 4,960 1 960 Paid a creditor -2,000 -2,000 New balances 16,800 + + Sold services on credit New balances 16,800 + Paid salaries -8,800 New balances 8,000 + Paid telephone bill New balances Withdrew cash for personal expenses - New balances 312 7,688 - 2,800 4,888 5,600 + 5,600 + 5,600 2,800 +2,800 5,600 + 5,600 + 33,600 33,600 5,600 + 33,600 4,800 + 50,000 + 4,960 960 +2,800 4,800 + 50,000 7,760 960 +8,800 4,800 + 50,000 + 7,760 9,760 +312 5,600 + 33,600 5,600 + 5,600 + 33,600 4,800 + 50,000 + -2,800 4,800 + 47,200 + 7,760 10,072 7,760 10,072 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. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Statement of < Prev 2 of 2 Next The following equation shows the transactions of Hogan Cleaning Service during May. The business is owned by Brecha Hogan. Owner's Equity Assets Particulars = Balances, May 1 Cash 14,800 + Accounts Receivable Liabilities + Accounts + 2,800 + Paid for utilities + Supplies + Equipment 5,600 + 33,600 Payable + B. Hogan, Capital + Revenue Expenses 6,800 + 50,000 + 0 0 -960 +960 New balances 13,840 + 2,800 + 5,600 + 33,600 = Sold services for cash 6,800 + 50,000 + 0 960 +4,960 +4,960 New balances 18,800 + 2,800 + 5,600 + 33,600 6,800 + 50,000 + 4,960 1 960 Paid a creditor -2,000 -2,000 New balances 16,800 + + Sold services on credit New balances 16,800 + Paid salaries -8,800 New balances 8,000 + Paid telephone bill New balances Withdrew cash for personal expenses - New balances 312 7,688 - 2,800 4,888 5,600 + 5,600 + 5,600 2,800 +2,800 5,600 + 5,600 + 33,600 33,600 5,600 + 33,600 4,800 + 50,000 + 4,960 960 +2,800 4,800 + 50,000 7,760 960 +8,800 4,800 + 50,000 + 7,760 9,760 +312 5,600 + 33,600 5,600 + 5,600 + 33,600 4,800 + 50,000 + -2,800 4,800 + 47,200 + 7,760 10,072 7,760 10,072 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. Analyze: In order to complete the balance sheet, which amount was transferred from the statement of owner's equity? Complete this question by entering your answers in the tabs below. Income Statement of < Prev 2 of 2 Next