January 1: A dentist opens a dental practice by depositing $10,000 into a bank account in the business name

January 2: The dental business borrows $100,000 from the bank

January 3: The dentist pays for malpractice insurance for the month, $2,000

January 4: Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000

January 20: The dentist pays for a billboard to advertise his services for one month, $500

January 21: The dentist performs dental services for the first half of the month and receives $8,000 for services rendered

January 29: Pays the dental hygienist $2500

January 31: Bills patients for services rendered that have not been paid $5,000

Date	Account	Debit	Credit
1/1/16	Cash	10000
	Capital		10000		Chart of Accounts:
1/2/16					Cash
					Accounts Receivable
1/3/16					Equipment
					Notes Payable
1/4/06					Capital
					Fees Earned
1/20/16					Insurance Expense
					Advertising Expense
1/21/16					Salaries Expense
1/29/16
1/31/16

1. What is the net income for January?

2. How much do patients owe the dentist as of January 31?