Dr. McMuffin has a medical clinic formed as a corporation that provides specialty to patients. The balances in the accounts as of January 1, 2019 are as follows: care services Cash 47,000Notes Payable 66,420 42,300Contributed Capital 5,800 Retained Earnings 86,100 Patient Service Revenue Accounts Receivable 120,100 Office Supplies Building 96,500 50,820 Income Tax Expense 31,200Compensation Expense 58,300Insurance Expense 38,500Utilities Expense Land Office Fixtures and Equipment 0 Medical Instruments 0 Accounts Payable Below are the business transactions for January for Dr. McMuffin's clinic: JANUARY Purchased Office Fixtures and Equipment for $62,000. The clinic paid $40,000 in cash and financed the remaining balance with debt by signing a note promising to pay in three years. Ignore interest 1 Received $63,000 of cash from an investor in exchange for 6,300 shares of stock in the clinic 2 Billed clients $74,120 for services rendered. Of this amount, $7,400 was received in cash, and the balance was billed on account (due in 30 days). 5 8 Received $15,660 from customers on previously billed medical services (i.e., medical services provided in 2018). Purchased office supplies 10 on account expected to last a few months for $4,800. 15 Purchased medical instruments for $33,150 in cash. 20 Received a $3,000 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 $5,000 in income taxes for taxes incurred during January. Paid suppliers $5,800 included in accounts payable 27 Paid Light Co. $3,600 for utilities used in the clinic during the month of January 30 Paid employees $38,500 in salaries for work done during the month of January 31