#1 (16 marks) See Excel file to complete this question. (22 minutes) X-cell Inc. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,000; Accounts Receivable: $4,300; Supplies: $3,200; Prepaid Insurance: $4,200; Accounts Payable: $1,500; Unearned Revenue: $3,000; Share Capital: $36,400; Rent Earned: $14,700; Utilities Expense: $3,900. The following transactions occurred during September. September 2 : John Jarell (a shareholder), received share capital in X-cell Inc., after investing $50,000 cash and $15,000 worth of supplies in X-cell Inc. September 3 : One of X-cell Inc.'s clients rented equipment today for $1,800 on credit. September 6 : X-cell Inc. bought $500 of supplies paying $100 cash and $400 on account. September 7 : X-cell Inc. received a bill today for this month's water utilities; $100. It will be paid within 30 days. September 8 : Collected $600 regarding a credit customer's account. September 9 : X-cell Inc. paid $400 towards the bill from the September 6transaction. September 12 : Furniture was rented by a customer for $1,500 cash. September 15 : X-cell Inc. paid this month's $450 electrical utilities bill received today. September 17 : X-cell Inc. returned $100 of defective supplies today that were originally purchased for cash. September 18 : X-cell Inc. spent $200 cash on supplies. Required: 1. Using the T-accounts provided in Excel, enter each account balance as of August 31 in the appropriate T-account. 2. Record the transactions in Excel by entering the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. 3. Ensure the balance of each account is reflected in the T-account. (HINT:it is already set up to calculate for you.)