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 $38,000 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 $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. E2-11 (Algo) Part 2 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 list Journal entry worksheet 2 345 Received $38,000 cash from the investors who organized Down, Incorporated Record the transaction. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal