Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations.

Received $49,000 cash from the investors who organized Down, Inc.

Borrowed $16,000 cash and signed a note due in two years.

Ordered equipment costing $17,000.

Purchased $7,000 in equipment, paying $4,000 in cash and signing a six-month note for the balance.

Received the equipment ordered in (c), paid for half of it, and put the rest on account.

Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)