solved:create a balance sheet and income statement for this proble


create a balance sheet and income statement for this problem:Oak Street Clinic, a not-for-profit, began 2020 with the following account balances on January 1:Cash$ 70,000Accounts receivable227,000Supplies inventory24,000Equipment1,500,000Accumulated depreciation300,000Accounts payable21,000Notes payable500,000Net assets1,000,000During 2020, the accounting clerk recorded the following transactions:1. Billed patients for services rendered$1,700,0002. Purchased medical supplies on credit12,0003. Employee salaries earned712,0004. Employee salaries paid683,0005. Annual depreciation on equipment150,0006. Received a bank loan250,0007. Cash collections on patient billings1,124,0008. Made payment on bank loan75,0009. Used medical supplies in patient care10,000Oak Street Clinic’s year-end is December 31. Construct the 2020 balance sheet and income statement for the clinicAccountingBusinessFinancial Accounting HMGT 526-80M

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