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Assume Down.com was organized on May 1, 2013 to compete with Despair.com-a company that sells de-motivational posters and office products. The following events occurred during

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Assume Down.com was organized on May 1, 2013 to compete with Despair.com-a company that sells de-motivational posters and office products. The following events occurred during the first month of Down.com's operations. Received $41,000 cash from the investors who organized Down.com Corporation. a. 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. Received the equipment ordered in (c), paid for half of it, and put e. the rest on account

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