Required information Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $25,000. BSC borrowed $46,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $58,000, signing a six-month note for $7,000, and paying the balance with check number 101. BSC received $1,250 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. 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 Common Stock 25,000 Cash Cash Cash Equipment Supplies Notes Payable (long-term) Notes Payable (short-term) 46,000 7,000 3. 25,000 46,000 (58,000) 65,000 1,250 79,250 4. Accounts Payable 1,250 Totals 54,250 25,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted