Assume Down.com was organized on May 1, to compete with Despair.coma company that sells de-motivational posters and office products. The following events occurred during the first month of Down.com's operations.

a.	Received $39,000 cash from the investors who organized Down.com Corporation.
b.	Borrowed $18,000 cash and signed a note due in two years.
c.	Ordered equipment costing $21,000.
d.	Purchased $9,000 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.

1.	Summarize the financial effects of items (a)(e) in a table. (Enter any decreases to account balances with a minus sign.)

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.)

1.Received $39,000 cash from the investors who organized Down.com Corporation. Record the transaction.

2.Borrowed $18,000 cash and signed a note due in two years. Record the transaction.

3.Ordered equipment costing $21,000. Record the transaction.

4.Purchased $9,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance. Record the transaction.

5.Received the equipment ordered in (c), paid for half of it and put the rest on account. Record the transaction.

3.	Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero.