Marcus Lee Consulting Ltd commenced business on September 1 2018 and had the following transactions during the month

2018

September 1: Marcus deposited $100,000 of his own money into the business

September 3: He purchased supplies costing $55,950

September 4: Provided consultancy services for cash, $46, 400

September 7: Paid $20,000 for insurance

September 12: Billed customers for services provided $37,350

September 16: Paid salaries $9,850

September 20: Purchased Furniture on credit for $38,000

September: 22: Customers previously billed paid 16,000 on their account

September 24: Paid utilities $9,700

September 26: Paid part owed for furniture purchased, $20,950

September 30: Paid rent $24,000

September 30: Marcus withdrew $9,000 for his own personal use

Required:

1. Prepare the necessary journal entries with narrations to record the transactions above

2. Open General Ledger Taccounts for each, post the journal entries to their respective T accounts and balance each account

3. After balancing off the accounts, represent this information in the expanded accounting equation.