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. 8. Received $35.000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c Ordered equipment costing $17.000 d. Purchased $11,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance e Received the equipment ordered in (d. paid for half of it, and put the rest on account. 2. 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.) View transaction let Journal entry worksheet 3 > Received $35,000 cash from the investors who organized Down, Inc. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit anu orice products. Uown, Inc., encountered the 10H0wing events Qung its uitst monun or operations a. Received $35,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $17,000. d. Purchased $11,000 in equipment, paying $2,000 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 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Requ the first account field.) View transaction list Journal entry worksheet Borrowed $20,000 cash and signed a note due in two years. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit b ana orice products. Down, inc, encountereu ine tonowing events uunng its list morin or operations. a. Received $35,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $17,000. d. Purchased $11,000 in equipment, paying $2,000 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. 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journa the first account field.) View transaction list Journal entry worksheet Ordered equipment costing $17,000. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Received $35,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $17.000. d. Purchased $11,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (paid for half of it, and put the rest on account. 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry the first account field.) View transaction list Journal entry worksheet 2 3 > Purchased $11,000 in equipment, paying $2,000 in cash and signing a six- month note for the balance. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Transaction d anu omce produciS. Uown, Inc., encoumereu me ollowing events during its ist monun or operatoris a. Received $35,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $17.000. d. Purchased $11,000 in equipment paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (e. paid for half of it, and put the rest on account 2. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry the first account field.) View transaction list Journal entry worksheet 2 5 Received the equipment ordered in (c), paid for half of it, and put the rest on account. Record the transaction. Note: Enter debits before credits Transaction General Journal Debit Credit