Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. business sim corp. (bsc) issued 2,000 common share

Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC...

70.2K

Verified Solution

Question

Accounting

image
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 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 2.4. E2-15 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. Reg 2A Reg 28 Prepare T-accounts. Assume all beginning balances are zero. Cash Supplies Beg Bal Beg Bal End. Bal End Bal Equipment Accounts Payable Beg Bal

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

If P = (1,4) in the elliptic curve E13(1, 1) , then 4P is ???? PLEASE SHOW...

Advance Math
Q

A critical section problem can be solved by satisfying which of the following condition, a. Mutual Exclusion b....

Programming
Q

A classmate of yours in the mechatronics concentration notices that you study microwave engineering in your...

Electrical Engineering
Q

Pros, Cons, and usefulness of the Charismatic leadership theory?

Operations Management
Q

You own a chain of 3 dry-cleaning stores in a medium-size town. A problem in customer...

General Management
Q

Select the correct answer What is brine rejection O A the dilution of saline levels...

Biology
Q

A magnetic field is applied at perpendicular to the axis of cylinderical discharge tube then...

Physics
Q

Write the equation of the circle that has a center of (3,2) and a point...

Basic Math
Q

D Question 6 4x 6 4x 6x Given f x asymptotes Determine the domain of...

Calculus
Q

The records for Zenon Co. show this data for 2021: Gross profit on installment...

Accounting
Q

Provide a brief description of each of the three main returns and lodgements that are...

Accounting
Q

Refer to the data in Exercise 6-1 for Ida Company. The absorption costing income statement...

Accounting