The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Liab. Owner's Equity Accts. Accts. + Supp. +Equip. 3,100+ 5,900 + 33,900- T.Cotton, Capital + 50,900 + Cash Rec. Rev. 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 Pald telephone bill New balances withdrew cash for personal expenses Pay. 15,100 + Exp 7,100+ 870 +870 14,230 + 3,100 5,900 + 33,900 7,100+ 5e,900 + 870 +4,870 + 4,870 4,070 19,100+ E150 16,950+ 7,100 + 2,150 4,950+ 3,100 +5,900+ 33,900. 50,900 + 870 3,100 5,900 33,900- 2,950 6,050 +5,900 + 33,900- 50,900 + 4,870 +2,950 7,820 870 16,950 + 4,950 + 50,900 + 870 8,950 +8,950 9,820 6,050 + 5,900 33,900- 4,950 + 50,900 + 7,820 8,000 + -315 +315 5e,900 + 1,900 49,000+ 4,950+ 7,685+ 1,900 5,785 + 6,050+ 5,900 +33,900- 7,820- 10,135 New balances 6,050 + 5,900 + 33,900- 4,950+ 7,820- 10,135 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balan chant for M 24 20

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The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.
Assets
Liab.
Owner's Equity
Accts.
Accts.
+ Supp. +Equip.
3,100+ 5,900 + 33,900-
T.Cotton,
Capital +
50,900 +
Cash
Rec.
Rev.
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
Pald telephone bill
New balances
withdrew cash for personal expenses
Pay.
15,100 +
Exp
7,100+
870
+870
14,230 +
3,100 5,900 + 33,900
7,100+
5e,900 +
870
+4,870
+ 4,870
4,070
19,100+
E150
16,950+
7,100 +
2,150
4,950+
3,100 +5,900+ 33,900.
50,900 +
870
3,100 5,900 33,900-
2,950
6,050 +5,900 + 33,900-
50,900 +
4,870
+2,950
7,820
870
16,950 +
4,950 +
50,900 +
870
8,950
+8,950
9,820
6,050 + 5,900 33,900-
4,950 +
50,900 +
7,820
8,000 +
-315
+315
5e,900 +
1,900
49,000+
4,950+
7,685+
1,900
5,785 +
6,050+ 5,900 +33,900-
7,820-
10,135
New balances
6,050 + 5,900 + 33,900-
4,950+
7,820-
10,135
Required:
Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balan
chant for M 24 20

Image Transcription

The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Liab. Owner's Equity Accts. Accts. + Supp. +Equip. 3,100+ 5,900 + 33,900- T.Cotton, Capital + 50,900 + Cash Rec. Rev. 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 Pald telephone bill New balances withdrew cash for personal expenses Pay. 15,100 + Exp 7,100+ 870 +870 14,230 + 3,100 5,900 + 33,900 7,100+ 5e,900 + 870 +4,870 + 4,870 4,070 19,100+ E150 16,950+ 7,100 + 2,150 4,950+ 3,100 +5,900+ 33,900. 50,900 + 870 3,100 5,900 33,900- 2,950 6,050 +5,900 + 33,900- 50,900 + 4,870 +2,950 7,820 870 16,950 + 4,950 + 50,900 + 870 8,950 +8,950 9,820 6,050 + 5,900 33,900- 4,950 + 50,900 + 7,820 8,000 + -315 +315 5e,900 + 1,900 49,000+ 4,950+ 7,685+ 1,900 5,785 + 6,050+ 5,900 +33,900- 7,820- 10,135 New balances 6,050 + 5,900 + 33,900- 4,950+ 7,820- 10,135 Required: Analyze each transaction carefully. Prepare an income statement and a statement of owner's equity for the month. Prepare a balan chant for M 24 20

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