Question -4 Marks-8+16+4+4+4+4=40 Jack started IT consulting business on June 1, 2020. During the first month of operations, the following transactions occurred. Jack and his friends invested $2, 00,000 in cash to form IT consulting business. May. 1 2 Made an agreement to provide $60,000 in services over the next year to Green Company, 3 Paid $600 in advance for two months' rent of an office. 9 Purchased Printing supplies for $4,000 in cash. 12 Purchased $40,000 of equipment on credit; made a 25 percent down payment. 15 Performed consulting service for $3,500 on credit. 18 Made a payment of $500 on the equipment purchased on May 12. 27 Paid a utility bill of $1,400 Required: 1. Identify the company's business transactions and record them in journal form. 2. Post the transactions to the following T account: Cash, 3.Answer the following questions briefly: i. How does the event on May 2 illustrate the difference between an economic event and a business transaction? ii. How does the business transaction of May 15 benefit the business even though no cash was received? iii. How do the transactions of May 9 and May 27 illustrate the difference between an asset and an expense?