Required information Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $22,000. BSC borrowed $43,000 from the bank, promising to repay it in two years. BSC paid $48,000 for computer equipment with check number 101 and signed a note for $7,000 due in six months. BSC received $1,100 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 2.1. Required: 1. Identify the transactions and analyze their accounting equation effects. (Enter any decreases to account balances with a minus sign.) Assets Liabilities + Stockholders' Equity 1. Cash Common Stock 22,000 2. 3. Equipment 4. Totals 0 0 22,000