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The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owners Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 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 15, 700 3, 700 6,500 34,500 7, 700 52, 700+ 14, 890 + 3, 700 6, 500 + 34,5007, 700 19, 700 3, 700 6, 500 34,5007,70052, 700 17,250 + 3, 700 6, 500 34,500-5,25052, 700 17,250 +6,950 + 6, 500 34,500-5,25052, 700 - 810 + 4, 81O - 2,450 52, 700 4,810 4, 810 - - 2,450 4, 810 - + 3,2560 8, 060 - + 3,25Θ - 9,25G - 321 Withdrew cash for personal expenses 1,300 8,000 + 7,679 + 6,379 + 6,950 + 6,500 + 34,500 = 6,950 + 6,500 + 34,500 = 6,950 + 6,500 + 34,500 = 5,250 + 5,250 + 5,250 + 52,700 + 52,700 + 51,400 + + 9,25G0 10, 060 + 321 8,060- 8,060- -1, 3ΘΘ New balances 8,060-10,381 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owners equity for the month. Prepare a balance sheet for May 31, 2019Complete this question by entering your answers in the tabs below Income Stmt of Balance Sheet Analyze Statement Owners Eqty Prepare an income statement for the month of May 31, 2019. (List the expenses in detail on the income statement.) COTTON CLEANING SERVICE Income Statement Month Ended May 31, 2019 Revenue Expenses Total expensesComplete this question by entering your answers in the tabs below Income Stmt of Statement owners EtyBalance Sheet Analyze Prepare a statement of owners equity for the month of May 31, 2019. COTTON CLEANING SERVICE Statement of Owners Equity Month Ended May 31, 2019Complete this question by entering your answers in the tabs below Income Statement Owners Eqty Stmt of Balance Sheet Analyze Prepare a balance sheet for May 31, 2019. COTTON CLEANING SERVICE Balance Sheet May 31, 2019 Assets Liabilities Owners Equity Total assets Total liabilities and Owners equityRequired: Analyze each transaction carefully. Prepare an income statement and a statement of owners equity for the month. Prepare a balance sheet for May 31, 2019 Complete this question by entering your answers in the tabs below Income Stmt of Balance Sheet Analyze Statement Owners Eqty Which amount was transferred from the statement of owners equity? Owners Equity

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CoTTON C LEANING SERUI CE 31, 2o particula Amo eivenue: 8060 Fees ntome Solar(y Expenge』 Teluphone xpangs 9,250 32 I 8I0 2.3a1) 239 Net loss CoTTON CLEANING SERUICE Stalt ment ap ouwnersE icular亼 Amount Amou @3i) (1300 Nut Coss 362 OIToN CLEANING SERVICE Salance sheet Hay 31, 2.019 Aa3收 5250 Accounls Resivabte Supplies Equipment Total 08s 675口 Taylor Cottov) ,Caritad | 냔9,079 34500

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