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Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC...

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Accounting

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Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 of supplies purchased on account. BSC's loan contains a clause ("covenant) that requires BSC to maintain a ratio of current assets to current liabilities of at least 2.4. E2-15 Part 2 2-a. Prepare journal entries for the transactions described. 2-b. Prepare T-accounts. Assume all beginning balances are zero. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Prepare T-accounts. Assume all beginning balances are zero. Cash Supplies Beg Bal Beg Bal End. Bal End Bal Equipment Accounts Payable Beg Bal

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