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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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