ZuoTi.Pro
Question

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

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

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

0 0
Add a comment
Know the answer?
Add Answer to:
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...

    The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Accts. Rec. + Supp. + Equip. = 3,000 + 5,800 + 33,800 = Liab. + Owner's Equity Accts. T.Cotton, Pay. + Capital + Rev. - 7,000 + 50,600 + 0 - Exp. 3,000 + 5,800 + 33,800 = 7,000 + 50.600 + + 980 980 Cash + 15,000 + - 980 14,020 + + 4.980 19.000 + -2,100 16,900 +...

  • The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...

    The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec + Supp. + Equip. - 3,200 + 6,000 + 34,000 = Liab. + Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7, 200 + 51,200 + 0 - Exp. 0 + 860 860 3,200.+ 6,000 + 34,000...

  • The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...

    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 16,000 + 4,000 + 6,800 + 34,800 = 8,000 + 53,600 + 0 − 0 Paid for utilities − 780 + 780 New balances 15,220 + 4,000 + 6,800 + 34,800 = 8,000 +...

  • Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet....

    Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton + + Assets Accts. Rec. + Supp. + Equip. 3,000 + 5,800 + 33,800 Liab. Accts. Pay. 7, eee Owner's Equity T. Cotton, + Capital Rev. se,600 + + + Cash 15,000 980 14,020 + 4,980 19,00 Exp. @ + 980 980...

  • The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes...

    The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. Cash 171.eee 11.ee Equipment 61, eee Accounts Receivable 11,8ee (8) (a (b) (c) (f) 1.lee 27,000 51e 9,100 3,100 Accounts Payable Wade Wilson, Capital Supplies 27,eee 61,000 (b) 171. Bee Fees Income Telephone Expense 51e 11,000 11,800 Wade Wilson, Drawing 3,100 (i) (f) Salaries Expense 9,1ee (h) Required: Prepare a statement of owner's equity and a balance sheet for Residential...

  • Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet....

    Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton + Assets Acets Rec + Supp. + Equip 3,000 + 5,800 + 33,800 Liab Accts. Pay 7,000 Owner's Equity T.Cotton, Capital + Rev. + 50,600 0 + Exp. 0 980 980 + Cash 15,000 -980 14,020 +4,980 19,000 -2,100 16.900 3,000 +5,800...

  • Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet....

    Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 Exp 0 + 980 980 + - 980 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Liab. Owner's Equity Accls. Accts. T.Cotton Cash + Rec. + Supp. + Equip. = Pay + Capital + Rev. Balances, May 1 15,000 + 3.000 + 5,800 + 33,800 - 7.000 + 50,600...

  • The accountant for the firm owned by Randy Guttery prepares financial statements at the end of...

    The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions: a. Guttery invested $143,000 in cash to start the business. b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in cash. d. Perfo d services for $8,900 in cash. e. Paid $1,080 for the monthly telephone bill. f. Performed...

  • The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of...

    The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton Invested $90,000 in cash to start the business. b. Paid $6,000 for the current month's rent. C. Bought office furniture for $10,580 in cash. d. Performed services for $8,200 in cash. e. Paid $1,250 for the monthly telephone bil f. Performed services for $14,000 on credit. g. Purchased a computer and copler for $18,000; paid $7,200 in cash Immediately...

  • my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. +...

    my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. + Equip. Cash 14,800 + 2,800 + 5,600 + 33,600 6,800 + - 960 Rec. Pay Rev. Exp. +. Balances, May 1 Paid for utilities + 960 13,840+ 2,800 + 5,600 + 33,600 = 6,800 + + 4,960 New balances 50,000 + 960 + 4,960 Sold services for cash New balances 18,800 - 2,000 2,800 + 5,600+ 33,600 6,800 2,000 50,000 + 4,960 960 Paid...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT