Required information [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 $14,000. (b) Borrowed $35,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $40,000 and signing a promissory note for $6,000 due in six months. This loan contains a clause ("covenant") that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 1.4. (d) Received $700 of supplies and promised to pay for them in 30 days. 2-a. Prepare journal entries for the transactions described. 2-b. Prepare T-accounts. Assume all beginning balances are zero. Debit Beginning Balance Cash Ending Balance Debit Beginning Balance Ending Balance Credit Supplies Debit Credit Beginning Balance Ending Balance Equipment Accounts Payable Credit Debit Credit Beginning Balance Ending Balance Debit Beginning Balance Notes Payable (long-term) Ending Balance Credit Common Stock Debit Credit Beginning Balance Ending Balance Notes Payable (short-term) Debit Beginning Balance Ending Balance Credit