Required information E2-15 (Algo) 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 1,500 common shares to Kelly in exchange for $19,000. (b) Borrowed $40,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $45,000 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 2.0. (d) Received $950 of supplies and promised to pay for them in 30 days. E2-15 (Algo) Part 2 2-a. Prepare journal entries for the transactions described. 2-b. Prepare T-accounts. Assume all beginning balances are zero. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Prepare journal entries for the transactions described. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Required information Prepare journal entries for the transactions described. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Business Sim Corp. (BSC) Issued 1,500 common shares to Kelly in exchange for $19,000. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Req 28 > Required information Prepare journal entries for the transactions described. (If no entry is required for a transaction/event, select "No Journal In the first account field.) View transaction list Journal entry worksheet < 3 4 BSC borrowed $40,000 from the bank, promising to repay it in two years. Record the transaction. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal 0 Saved Required information Prepare journal entries for the transactions described. (If no entry is required for a transaction/event, select "No Journal Entry in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 BSC bought computer equipment by signing check number 101 in the amount of $45,000 and signing a promissory note for $6,000 due in six months. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Record ent View general journal > 0 Saved Required information. Prepare journal entries for the transactions described. (If no entry is required for a transaction/event, select "No Journal Entry in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 BSC received $950 of supplies and promised to pay for them in 30 days. Record the transaction. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal Req ZA Req 2B > E2-15 (Algo) Part 2 2-a. Prepare journal entries for the transactions described. 2-b. Prepare T-accounts. Assume all beginning balances are zero. Complete this question by entering your answers in the tabs below. Req 2A Req 28 Prepare T-accounts. Assume all beginning balances are zero. Cash Debit Beginning Balance Ending Balance Supplies Credit Debit Credit Beginning Balance Ending Balance Equipment Accounts Payable. Debit Credit Debit Credit Beginning Balance Beginning Balance Ending 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 < Req 2A Reg 213 Credit