Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells demotivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Recelved $32,000 cash from the investors who organized Down, Incorporated b. Borrowed $17,000 cash and signed a note due in two years. c. Ordered equipment costing $14,000. d. Purchased $8,000 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. equired: Summarize the financial effects of items (a)(e) in o table. (Enter any decreases to account balances with a minus sign.) Journal entry worksheet Purchased $8,000 in equipment, paying $2,000 in cash and signing a sixmonth note for the balance. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 5 Received $32,000 cash from the investors who organized Down, Incorporated Record the transaction. Note: Enter debits before credits. Journal entry worksheet Borrowed $17,000 cash and signed a note due in two years. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Ordered equipment costing $14,000. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 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