Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help me solve 2a and 2b please! required i

Please help me solve 2a and 2b please! Required information Business Sim Corp. (BSC)...

80.2K

Verified Solution

Question

Accounting

Please help me solve 2a and 2b please!image

Required information Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $22,000. BSC borrowed $43,000 from the bank, promising to repay it in two years. BSC paid $48,000 for computer equipment with check number 101 and signed a note for $7,000 due in six months. BSC received $1,100 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 2.1. 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 Journal entry worksheet 1 2 3 4 > Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $22,000. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

I am stuck in Austin with a flat tire, and I need to get to...

Basic Math
Q

Briefly describe in words how a person on a low-carbohydrate diet could make glucose from alanine.

Biology
Q

In a Wittig reaction, what is the difference between a betaine intermediate and a ylide?

Chemistry
Q

Explain Relevance and working of Analytic Hierarchy Process (AHP) with an example considering both qualitative and...

General Management
Q

SolveLancer Test Consider these statements i The reason of thermal expansion is asymmetry in potential...

Physics
Q

Describe 3 elements of sustainability reporting. What are some implications for a company not to...

Accounting
Q

T/F 22. Sec. 1245 applies to losses as well as gains. 23. Sec. 1250 depreciation...

Accounting
Q

Calculate the Commissions paid for each product type. Please show the formulas being used.

Accounting
Q

Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for...

Accounting
Q

classified statement of financial position in good form

Accounting
Q

Question 1 A five-year bond is issued with a face value of 1,000 at 6%...

Finance
Q

5. You want to start a new business in 7 years. You currently have $15,000...

Finance