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Required information E2-15 (Static) Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5)
Required information E2-15 (Static) Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5) The following information applies to the questions displayed below.) Business Sim Corporation (BSC) entered into the following four transactions: (a) issued 1,000 common shares to Kelly in exchange for $12,000. (b) Borrowed $30,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $35,000 and signing a promissory note for $5,000 due in six months. This loan contains a clause covenant") that requires Business Sim Corporation (BSC) to maintain a ratio of current sets to current liabilities of at least 13 (d) Received $900 of suppliers and promised to pay for them in 30 days 50 E2-15 (Static) Part 1 Required: 1. Analyze the accounting equation effects of each of these four transactions (Enter any decreases to account balances with a minus sign. Liabi holder'qully Assets
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