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, 2021 are as follows: Cash 86,000 125,000 106,000 0 Accounts Receivable Office Supplies Building Land Office Fixtures and Equipment Medical Instruments Accounts Payable 70,000 Notes Payable 47,000 Contributed Capital 28,000 Retained Earnings 95,000 Patient Service Revenue 60,000 Income Tax Expense 22,000 Compensation Expense 20,000 Insurance Expense 25,000 Utilities Expense 0 0 0 0 Below are the business transactions for January for Dr. McMuffin's clinic: JANUARY 1 Purchased land for 20,000 in cash. 2 Received $70,000 of cash from an investor in exchange for shares of stock in the clinic. 5 Billed clients $80,000 for services rendered. Of this amount, ($65,000 was received in cash, and the remaining balance was billed on account (due in 30 days). 6 Purchased Office Fixtures and Equipment for $35,000. The clinic paid $25,000 in cash and financed the remaining balance with debt by signing a note promising to pay in three years. Ignore interest. 8 Received $20,000 from customers on previously billed medical services. 10 Purchased medical instruments on account expected to last a few months for $4,000. 14 Purchased office supplies for $20,000 on account. 20 Received a $10,000 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 $300 in income taxes for taxes incurred during January. 27 Paid suppliers $10,000 included in accounts payable. 28 Paid employees $15,000 in salaries for work done during the month of January. 31 Paid Light Co. $2,500 for utilities used in the clinic during the month of January. 3. Create a T-account for each account used with the beginning balance provided in your answer to Question #1 (use Excel to refer to the proper cells in Question #1). Post each transaction from Question 2 to the appropriate T account and determine the ending balance as of January 31