Please do the following for The Clinic for the month of May, their first month of operations:

record the transactions under the T$-$Accounts, $2)$ Make adjustments if needed at the end of May, $3)$ Prepare the income statement, retained earnings, and balance sheet, and $4)$ Prepare closing entries

May $1$a Received $$2,500$ for services to be performed over the next two months evenly. May

$1$b The Clinic purchased scoping equipment. The equipment cost $$90,000,$ of which $$30,000$ was paid in cash; a note $1$ year note at $5\%$ payable was issued for the balance. The equipment had a $9-$year life and Clinic uses Straight$-$line depreciation.

May $1$c Paid $$600$ for two months of insurance.

May

$1$d Purchased Supplies for $$800.$ At the end of May an inspection of supplies showed $$200$ on hand.