EXERCISE 2. JIM JONES STARTED A CONSULTING BUSINESS AND IS THE SOLE PROPRIETOR OF THE BUSINESS. DURING THE FIRST MONTH OF OPERATIONS HE HAD THE FOLLOWING TRANSACTIONS. a. Jones invested $50,000 in the business. b. He purchased supplies for $500 cash. c. He purchased a building for $25,000 paying $6,000 cash and giving a note for the balance. d. He did consulting work for $1,200 cash. e. He paid utilities expense of $175. f. He paid $400 from business funds for his son's car repairs. g. He did consulting work for $520 on account. Required: Record the effect of each transaction on the accounting equation provided below. a. b. c. d. e. f. g. Total Assets= Liabilities + Owner's Equity Accounts Cash Receivable Supplies Bldg. Notes Payable J.Jones, Capital