and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $38,000 cash from the investors who organized Down, Inc. b. Borrowed $17,000 cash and signed a note due in two years. c. Ordered equipment costing $20,000. d. Purchased $8,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c), paid for half of it, and put the rest on account. 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Assets DOWN.INC Balance Sheet At May 31 Liabilities Current Liabilities Notes Payable (short-term) Accounts Payable Current Assets Cash Total Current Assets 0 Total Current Liabilities 0 0 0 01 $ 0