Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,000 common shares to...

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Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,000 common shares to Kelly in exchange for $17,000. (b) Borrowed $38,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $43,000 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 1.8. (d) Received $850 of supplles and promised to pay for them in 30 days. Required: 1. Analyze the accounting equation effects of each of these four transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. C. d. Totals Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,000 common shares to Kelly in exchange for $17,000. (b) Borrowed $38,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $43,000 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 1.8. (d) Received $850 of supplles and promised to pay for them in 30 days. Required: 1. Analyze the accounting equation effects of each of these four transactions. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. C. d. Totals

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