Required information [The following informabian applies to the questions displayed below] Business Sim Corporation BBSC entered into the following four tranuactions: (a) Issued 1500 common shares to Kelly in exchange for $22.000. (b) Borrowed $43,000 from the bank, promising to repay it in two yean. (c) Bought computer equipment by paying cash of $48,000 and signing a promissory note for the remaining $7,000 due in s.x months. This loan contains a clause (covenant) that requires Business 5 im Corporation (BSC) to maintain a ratio of current assets to curren liablities of at least 21 . (d) Recelved 51,100 of supples and promised to pary for them in 30 dms. Recommendation - Click on the Hint link and watch the guided example for this question. it provides a helpful review of the following process: (7) analyze each transaction for its effects on the accounting equation, (2) record the effects using a journal entry and post them to T-acocumt, (9) prepse a dassified balance sheet and (4) calculate current ratio. CAUTION The guided examples are a great study resource to help you learn the material but they wil not be avalable on the exam so make sure you are able to do these questions independenty. 2-a. Prepare journal entries for the transactions described. 2.b. Prepare T-accounts. Assume all beginning balonces are zero. O Answer la not complete. Complete this question by entering your answers in the tabs below. Mrepare Tractounta, Assume all beginning baiances ace tere. Required information [The following informabian applies to the questions displayed below] Business Sim Corporation BBSC entered into the following four tranuactions: (a) Issued 1500 common shares to Kelly in exchange for $22.000. (b) Borrowed $43,000 from the bank, promising to repay it in two yean. (c) Bought computer equipment by paying cash of $48,000 and signing a promissory note for the remaining $7,000 due in s.x months. This loan contains a clause (covenant) that requires Business 5 im Corporation (BSC) to maintain a ratio of current assets to curren liablities of at least 21 . (d) Recelved 51,100 of supples and promised to pary for them in 30 dms. Recommendation - Click on the Hint link and watch the guided example for this question. it provides a helpful review of the following process: (7) analyze each transaction for its effects on the accounting equation, (2) record the effects using a journal entry and post them to T-acocumt, (9) prepse a dassified balance sheet and (4) calculate current ratio. CAUTION The guided examples are a great study resource to help you learn the material but they wil not be avalable on the exam so make sure you are able to do these questions independenty. 2-a. Prepare journal entries for the transactions described. 2.b. Prepare T-accounts. Assume all beginning balonces are zero. O Answer la not complete. Complete this question by entering your answers in the tabs below. Mrepare Tractounta, Assume all beginning baiances ace tere
