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Business, 12.06.2020 22:57 maricelajacinto3379

Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $15,000. BSC borrowed $36,000 from the bank, promising to repay it in two years. BSC paid $41,000 for computer equipment with check number 101 and signed a note for $6,000 due in six months. BSC received $750 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 1.5. 2-a. Prepare journal entries for the transactions described.

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Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $15,000. BSC borrowed $...

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