Dr. McMuffin has a medical clinic formed as a corporation that provides specialty care services to patients. The balances in the accounts as of January 1, 2022 are as follows:

Cash	70,000	Notes Payable	88,000
Accounts Receivable	42,000	Contributed Capital	150,000
Office Supplies	11,000	Retained Earnings	72,000
Building	74,000	Patient Service Revenue	0
Land	56,000	Income Tax Expense	0
Office Fixtures and Equipment	29,000	Compensation Expense	0
Medical Instruments	63,000	Insurance Expense	0
Accounts Payable	35,000	Utilities Expense	0

Below are the business transactions for January for Dr. McMuffins clinic:

JANUARY

1 Purchased land for 32,000 in cash.

2 Received $43,000 of cash from an investor in exchange for shares of stock in the clinic.

5 Billed clients $65,000 for services rendered. Of this amount, ($35,000 was received in cash, and the remaining balance was billed on account (due in 30 days).

6 Purchased Office Fixtures and Equipment for $53,000. The clinic paid $31,000 in cash and financed the remaining balance with debt by signing a note promising to pay in three years. Ignore interest.

8 Received $28,000 from customers on previously billed medical services.

10 Purchased medical instruments on account expected to last a few months for $7,000.

14 Purchased office supplies for $18,000 on account.

20 Received a $3,500 invoice for insurance coverage in January. The entire amount is due to be paid on February 26. You can consider this an Account Payable.

26 Paid $6,100 in income taxes for taxes incurred during January.

27 Paid suppliers $5,300 included in accounts payable.

28 Paid employees $22,100 in salaries for work done during the month of January.

31 Paid Light Co. $7,000 for utilities used in the clinic during the month of January.

Create a T- account for each account used with the beginning balance provided. Post each transaction from Question 2 to the appropriate T account and determine the ending balance as of January 3