prepare income statement and balance sheet

April Stein, established her own medical clinic (providing medical services) on May 1. The following transactions occurred during the first month: - May 1 Stein opened a bank account in the name of the practice, April Stein, by making a deposit of $12,000. - May 1 Paid clinic rent for May for $1,700. - May 2 Purchased office equipment for cash $7,200. - May 3 Purchased medical equipment from Niles instruments co., at a cost of $9,000. A cash down payment of $1,000 was made and the remaining balance is due after 2 years. May 4 Retained by Brandon Construction to be on call for emergency services at a monthly fee of $400. The fee for May was collected in cash. May 15 Fees earned during the first 15 days of the month amounted to $1,600, of which $600 was in cash and $1,000 was in accounts receivable. - May 19 Treated Michael Tracy for minor injuries received in an accident during employment in Brandon construction. No charge was made as these services were covered by Brandon's payment on May 4. - May 27 Treated Cynthia Knight who paid $25 for an office visit and who agreed to pay $35 on June 1 for laboratory medical tests completed May 27. May 31 Fees earned during the last half of the month amounted to $4,000., of which $2,100 was in cash and $1,900 was in accounts receivable. May 31 Paid Mary Hester (doctor) her monthly salary of $1,000. May 31 Paid Steve Rain (accountant) his monthly salary of $1000. - May 31 Received a bill from Martin Medical Supplies in the amount of $640 representing the amount of medical supplies bought and used during May. - May 31 Paid $300 utilities (\$200 for the clinic and $100 for the administrative office) for the month. question prepare balance sheet and income statement