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Question 1: The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton.
Assets
=
Liab.
+
Owner's Equity
Cash
Accts. Rec.
Supp.
Equip.
Accts. Pay.
T.Cotton, Capital
Rev.
-
Exp.
Balances, May 1
14,600
2,600
5,400
33,400
6,600
49,400
0
Paid for utilities
- 940
+ 940
New balances
13,660
940
Sold services for cash
+ 4,940
18,600
4,940
Paid a creditor
- 1,900
16,700
4,700
Sold services on credit
+ 2,700
5,300
7,640
Paid salaries
- 8,700
+ 8,700
8,000
9,640
Paid telephone bill
- 310
+ 310
7,690
9,950
Withdrew cash for personal expenses
- 2,600
5,090
46,800
Required:
Question 1: 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, 2019.
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