Assume Downer.com was organized on May 1, to compete with Despair, Inc.-a company that sells demotivational posters and office products. The following events occurred during the first month of Downer.com's operations. a. Received $64,000 cash from the investors who organized Downer.com Corporation b. Borrowed $22,000 cash and signed a note due in two years c. Ordered computer equipment costing $17,000 d. Purchased $10,000 in equipment, paying $2,400 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 Required: 1. For each of the events (a) through (e), perform transaction analysis and indicate the amount of effect on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities Shareholders' Equity Contributed Capital Cash Equipment Accounts Payable ST Notes Payable LT Notes Payable Beg. a. b. C. d. e. End. 0 0 0 0 0 0 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 1 2 3 4 5 > Received $64,000 cash from the investors who organized Downer.com Corporation. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal 3. Prepare a classified balance sheet at May 31. Include retained earnings with a balance of zero. DOWNER.COM Balance Sheet At May 31 Assets Liabilities Current assets Current liabilities Total current assets 0 Total current liabilities 0 Noncurrent assets Total Liabilities 0 Shareholders' equity 0 Total shareholders' equity Total liabilities & shareholders' equity Total assets $ 0 0