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

Received $41,000 cash from the investors who organized Down, Incorporated

Borrowed $20,000 cash and signed a note due in two years.

Ordered equipment costing $23,000.

Purchased $11,000 in equipment, paying $3,000 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.

Required information (The following information applies to the questions displayed below.) Assume Down Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de- motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations a. Received $41,000 cash from the investors who organized Down, Incorporated b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $23,000 d. Purchased $11,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance e. Recelved the equipment ordered in (c), paid for half of it, and put the rest on account Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Assets Cash Stockholders Equity Common Stock Equipment - Liabilities Short-term Notes Payable 0 Accounts Payable Long-term Notes Payablo 0 + Beginning 0 0 0 41,000 20,000 0 41,000 + b. 2,000 - C + d. 8,000 + 0. (3,000) (11.000) 47.000 11,000 23,000 34,000 = + Ending 11,500 11,500 8,000 2,000 + 41,000