he following equation shows the transactions of Cotton Cleaning Service during M

Question

he following equation shows the transactions of Cotton Cleaning Service during May. he business is owned by Taylor Cotton. Assets -Liab. + Owner's Equity Accts Accts. T. Cotton, Cash Rec. Supp. Equip.Pay.Capital +Rev 15,800 3,800+6,600 34,600 7,800+ 53,000 + Exp 0 Balances, May 1 Paid for utilities 0 + 800 800 15,000 3,800+6,600 34,600 7,80053,000 + + 4,800 New balances 0 800 + 4,800 Sold services for cash New balances 19,800 3,800+6,600 34,600 7,80053,000 4,800 -800 2,500 - 2,500 Paid a creditor New balances 17,300 3,8006,600 +34,600-5,30053,0004,800 800 +3,300 +3,300 Sold services on credit 17,300 71006,600 +34,600-5,30053,0008,100 - 9,300 - 800 9,300 New balances Paid salaries New balances Paid telephone bil 8,000 7,1006,600 34,600-5,30053,0008,100- 10,100 + 322 322 New balances Withdrew cash for personal xpenses 7,678 + 7,100 + 6,600 + 34,600 = 5,300 + 53,000 + 8100-10.422 - 1,200 1,200 New balances 6,4787,100+6,600 34,6005,300 51,800+8,100 - 10,422

Explanation / Answer

income statement Revenue Service revenue 8,100 Expenses utilities expense 800 Salary expense 9,300 telephone expense 322 totel expense 10,422 Net loss -2,322 Statement of Owner's Equity Balances ,May 1 53,000 :Net loss -2,322 withdrawal -1,200 Balances ,May 31 49,478 owner's Equity 49,478 Balance Sheet Assets liabilities Cash 6,478 Accounts payable 5,300 account receivable 7,100 Supplies 6,600 owner's Equity Equipment 34,600 taylor cotton 49,478 total Assets 54,778 Total liabilities and owner's Equity 54,778

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