Business Sim Corp. (BSC) issued 1,000 shares to Kelly in exchange for $12,000. BSC borrowed $30,000...

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Business Sim Corp. (BSC) issued 1,000 shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising to repay it in two years. BSC paid $35,000 for computer equipment with cheque number 101 and signed a note for $5,000 due in six months. BSC received $900 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 1.3. Requirement 1: 20mks Write the specific account, amount, and direction of effects for each transaction on BSC's accounting equation. (Enter any decreases to account balances with a minus sign.) Example: Assets = Liabilities 1 Cash+75,000 Shareholders' Equity Contributed Capital +75,000 Requirement 2: 25mks Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Requirement 3: 25mks- Summarize the journal entry effects from requirement 2 using T-accounts. Requirement 4: 30mks- Prepare a classified balance sheet at, July 31. Note Business Sim Corp. (BSC) issued 1,000 shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising to repay it in two years. BSC paid $35,000 for computer equipment with cheque number 101 and signed a note for $5,000 due in six months. BSC received $900 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 1.3. Requirement 1: 20mks Write the specific account, amount, and direction of effects for each transaction on BSC's accounting equation. (Enter any decreases to account balances with a minus sign.) Example: Assets = Liabilities 1 Cash+75,000 Shareholders' Equity Contributed Capital +75,000 Requirement 2: 25mks Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Requirement 3: 25mks- Summarize the journal entry effects from requirement 2 using T-accounts. Requirement 4: 30mks- Prepare a classified balance sheet at, July 31. Note

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Requirement 1 Transaction Analysis Transaction 1 Assets Cash 12000 Shareholders Equity Contributed C... View the full answer