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 $68,000 cash from the investors who organized Downer.com Corporation b. Borrowed $24,000 cash and signed a note due in two years C. Ordered computer equipment costing $18,000 d. Purchased $11,000 in equipment, paying $2,800 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. 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 X 1 > Received $68,000 cash from the investors who organized Downer.com Corporation. 2 Borrowed $24,000 cash and signed a note due in two years. 3 Ordered computer equipment costing $18,000. 4 Credit Purchased $11,000 in equipment, paying $2,800 in cash and signing a six-month note for the balance. 5 Received the equipment ordered in (c), paid for half of it, and put the rest on account. Note : = journal entry has been entered 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 Total current liabilities Noncurrent assets Total Liabilities Shareholders' equity Total shareholders' equity Total liabilities & shareholders' equity Total assets