Assume Downer.com was organized on May 1, to compete with Despair, Inc. a company that sells de-motivational posters and office products. The following events occurred during the first month o Downer com's operations. a. Received $89,000 cash from the investors who organized Downer.com Corporation b. Borrowed $25,500 cash and signed a note due in two years c. Ordered computer equipment costing $12,000 d Purchased $8,500 in equipment, paying $3,100 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 Shareholders Cash Equipment Accounts Payable ST Notes Payable IT Notes Payable Equity Contributed Capital Begi a b. e d End ach transaction, if no entry is required for a transaction event, select "No Journal Entry Required" in the first account field) G4 ENG 14 PM 2022-01-19 View transaction list Journal entry worksheet 1 2 3 4 5 Received $89,000 cash from the investors who organized Downer.com Corporation. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Borrowed $25,500 cash and signed a note due in two years. Note: Enter debits before credits. Transaction General Journali Debit Credit Record entry Clear entry View general journal < 000 Journal entry worksheet < 1 2 3 4 5 Ordered computer equipment costing $12,000. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry @000 View transaction list Journal entry worksheet < 1 2 3 4 5 Received the equipment ordered in (c), paid for half of it, and put the rest on account. Note: Enter debits before credits. Transaction General Journal: Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Purchased $8,500 in equipment, paying $3,100 in cash and signing a six- month note for the balance. Note: Enter debits before credits. Transaction d General Journal Debit Credit View general journal Record entry Clear entry > 100 3. Prepare a classified balance sheet at May 31. Include retained earnings with a balance of zero. DOWNER.COM Balance Sheet Current liabilities Al May 31 Assets Current assets Total current assets Noncurrent assets Liabilities Total current liabilities Total Liabilities Shareholders' equity Total assets Total shareholders' equity Total liabilities & shareholders' equity References a