Required information Business Sim Corp. (ESC) issued 1,500 common shares to Kelly in exchange for $21,000. BSC borrowed $42,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $53,000, signing a six-month note for $6,000, and paying the balance with check number 101. BSC recelved $1,050 of supplies purchased on account. BSC's loon contains a clause (Covenant') that requires BSC to maintain a ratio of current assets to current liabilities of at least 22. Required: 1. Identify the transactions and analyze their accounting equation effects. (Enter any decreases to account batances with a minus sign.)