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

  

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The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Owner's Equity Liab. Accts. Pay. 7,000 + Assets Accts. T.Cotton, + Capital + 50,600 + Cash Rec. + Supp. + Equip. = Rev. Exp. 3,000 + 5,800 + 33,800 = 0 - Balances, May 1 Paid for utilities New balances 15,000 + - 980 + 980 3,000 + 5,800 + 33,800 7,000 + 50,600 + 980 14,020 + + 4,980 Sold services for cash + 4,980 New balances 19,000 + 3,000 + 5,800 + 33.800 = 7,000 + 50,600 + 4,980 - 980 - 2,100 - 2,100 Paid a creditor New balances Sold services on credit 50,600 + 4.980 - 3,000 + 5,800 + 33,800 = 2,900 5,900 + 5,800 + 33,800 = 16,900 + 4,900 + 980 + 2.900 4.900 + 50,600 + 7,880 980 New balances Paid salaries 16,900 + - 8,900 8,000 + + 8,900 5,900 + 5,800 + 33,800 4,900 + 7.880 - 9,880 + 314 10,194 New balances 50,600 + Paid telephone bill - 314 7.880 - 7.686 + - 3,000 50,600 + - 3,000 New balances 5,900 + 5,800 + 33,800 = 4,900 + Withdrew cash for personal expenses New balances 4.686 + 5.900 + 5,800 + 33,800 = 4.900 + 47,600 + 7,880 10.194 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 Complete this question by entering your answers in the tabs below. Income Stmt of Balance Sheet Analyze Statement Owners Eqty The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Owner's Equity Liab. Accts. Pay. 7,000 + Assets Accts. T.Cotton, + Capital + 50,600 + Cash Rec. + Supp. + Equip. = Rev. Exp. 3,000 + 5,800 + 33,800 = 0 - Balances, May 1 Paid for utilities New balances 15,000 + - 980 + 980 3,000 + 5,800 + 33,800 7,000 + 50,600 + 980 14,020 + + 4,980 Sold services for cash + 4,980 New balances 19,000 + 3,000 + 5,800 + 33.800 = 7,000 + 50,600 + 4,980 - 980 - 2,100 - 2,100 Paid a creditor New balances Sold services on credit 50,600 + 4.980 - 3,000 + 5,800 + 33,800 = 2,900 5,900 + 5,800 + 33,800 = 16,900 + 4,900 + 980 + 2.900 4.900 + 50,600 + 7,880 980 New balances Paid salaries 16,900 + - 8,900 8,000 + + 8,900 5,900 + 5,800 + 33,800 4,900 + 7.880 - 9,880 + 314 10,194 New balances 50,600 + Paid telephone bill - 314 7.880 - 7.686 + - 3,000 50,600 + - 3,000 New balances 5,900 + 5,800 + 33,800 = 4,900 + Withdrew cash for personal expenses New balances 4.686 + 5.900 + 5,800 + 33,800 = 4.900 + 47,600 + 7,880 10.194 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 Complete this question by entering your answers in the tabs below. Income Stmt of Balance Sheet Analyze Statement Owners Eqty